Chinese IT corporation Neusoft and Israeli-Chinese private equity fund Infinity Group have set up a $250 million investment fund and platform for Israeli med-tech companies operating in China. The establishment of the new fund was announced at Innonation - the Second China-Israel Investment Summit, which opened last night at the David Intercontinental Hotel in Tel Aviv.
The aim of the fund is to create a model by which Israeli medical technology companies can connect to China by integrating into the cloud being developed by Neusoft. The cloud and Neusoft's connections will offer Israeli companies access to and approval from the SPDA (the Chinese equivalent of the US Food and Drug Administration FDA) as well as end-user customers.
This is the first such cooperation between Infinity Fund and Neusoft at a huge investment of $250 million over three years.
Infinity Fund founder and chairman of the Second China-Israel Investment Summit Amir Gal Or said, "Neusoft is considered China's biggest IT corporation with a 50% share of the health market in China specializing in developing software for the industrial sector. The company has 20,000 employees in eight regional centers, six development centers and 40 local offices throughout China. The company also operates three university centers 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."
He added, "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."
Published by Globes [online], Israel business news - www.globes-online.com - on September 25, 2016
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