Medtronic, Sequoia Capital launch $60m China fund

Medtronic (NYSE:MDT) and venture capital firm Sequoia Capital reportedly launched a $60 million fund for medical technology investments in China.

The fund aims to back both Chinese startups with the legs for global markets and companies outside China with products that could succeed there, according to the China Money Network.

Suzhou-BioBay, a life sciences incubator, also joined the Medtronic-Sequoia China Healthcare Technology Venture Investment Fund as a limited partner, according to the website.

“This fund is Medtronic’s 1st early-stage investment vehicle established outside of our home country,” CEO Omar Ishrak said, according to CMN. “Our hope is to support innovation to meet the increasing demand in China’s healthcare market.”

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