US-based advisory boutique MergerTech Advisors has launched a $50m corporate venturing fund for the healthcare industry.
MergerTech Capital will focus on the investment and development of healthcare information technology segment, which is estimated to be worth $40bn with forecasted growth over the next five to 10 years of 24%. Maneesh Goyal is general partner of the fund after leaving venture capital firm Miramar Venture Partners, where he led investments in healthcare IT for five years.
In addition to Goyal , MergerTech Advisors senior executives Nitin Khanna and Karan Khanna will also be managing the fund.
Goyal said: "The lack of cost effective, ubiquitous, quality healthcare is a global problem; a problem that is exacerbated by longer life expectancies and an aging population. The healthcare system as it currently stands is antiquated, one that needs to be redesigned. Technology is the only tool that creates efficiency in these types of inefficient systems."
Peter Catalino, global head of strategy at Switzerland-based drugs company Novartis Pharma, added: "I applaud Maneesh and MergerTech Capital for recognizing that the time is right to invest in these technologies. HiTs, that gain traction, will create a better future for patients as well as a healthy return for investors."