IT company Neusoft has joined forces with private equity fund Infinity Group to create a $250m fund targeting Israel-based medical technology startups that want to operate in China, Globes reported yesterday.
China-headquartered Neusoft will support the expansion of the fund’s portfolio companies by providing access to a cloud-based platform it is currently developing, which will offer access to China’s Food and Drug Administration and facilitate connections with potential end-user customers.
The $250m fund is expected to be invested over the next three years. It marks the first such collaboration between Neusoft and Infinity Group.
Amir Gal, founder of Infinity, said: “Neusoft is considered China’s biggest IT corporation with a 50% share of the health market in China specialising in developing software for the industrial sector.
“The company has 20,000 employees in eight regional centres, six development centres and 40 local offices throughout China. The company also operates three university centres with 35,000 students studying computers and engineering.
“Neusoft provides services in a range of fields including medical devices, and related solutions for home treatment and in hospitals. Setting up this fund is an additional step in strengthening the economic connection between Israel and China and at Infinity we are proud to be partners in such a significant measure.”