US-based medical equipment maker Medtronic has jointly launched a $60m fund for China-based healthcare technology startups with venture capital firm Sequoia Capital, China Money Network reported on Friday.
Suzhou-BioBay, a China-based biotech accelerator, has joined the fund as a limited partner and strategic backer.
The Medtronic-Sequoia China Healthcare Technology Venture Investment Fund will focus on startups in China that show potential for international expansion, and on foreign businesses that are likely to succeed in the country.
Startups will receive both funding and access to a range of other resources, though precise details of thoe resources have not been revealed.
Omar Ishrak, chief executive of Medtronic, said: “This fund is Medtronic’s first early-stage investment vehicle established outside of our home country. Our hope is to support innovation to meet the increasing demand in China’s healthcare market.”