Netherlands-based electronics and healthcare technology manufacturer Philips is preparing to set up an Indian corporate venturing fund that will invest in local healthcare startups, the Economic Times reported on Wednesday.
Jeroen Tas, chief executive of Connected Care & Health Informatics at Philips, told ET the company is still in the early stages of setting up any Indian fund, adding that its formation would depend on the progress of the company’s healthcare investment units in Israel and the Netherlands.
The executive did not provide any firm details on what the prospective fund would look like but said it would be structured in a similar way to Sanara Ventures, the $25m incubator it launched in Israel with pharmaceutical company Teva in February 2015.
Tas said: “We are…looking at setting up a venture fund – we already have venture funds in Israel, and we have already invested in a couple of small innovative companies.
“We have a venture fund in the Netherlands and we will definitely look at doing something here. It will entirely focus on healthcare technology setups.”