Infinity announced today that the Infinity I-China Fund is investing $8 million in China Medicine On-Line Ltd., a telemedicine services provider in China. According to the terms of the agreement, the allocation of funds will be made in two phases of $4 million each.
China Medicine On-Line is a national integrated healthcare network in China. The company supplies a panic button service to more than 80,000 customers, most of whom are older than 65, in Shanghai and Nanjing.
Customers may use the button, which is situated in their homes, for any circumstance which they consider urgent. The button is connected to a call center where professionals are available around the clock to support and assist customers through any given situation, health related or otherwise.
Plans are already under way to expand the availability of services to reach up to one million customers, of all ages, in 10 additional cities in China, over the next five years.
"What we have been providing to the public with the panic button is a thriving and important service in China, especially considering that approximately 19% of China's 1.3 billion people are over the age of 60, and this number is growing quickly,” said China Medicine On-Line CEO and founder Mr. Ren Hai Bi.
The next step for the Chinese company and Infinity is to widen the use of platform to an expanded range of telemedicine, including a portable ECG, a respiratory unit, a blood pressure machine, and other monitoring medical devices. The upgraded system would be able to provide call center personnel with a customer’s real time vital signs.
“This is the first medical oriented investment by the I-China Fund and one that we believe will have a significant impact. Israel is a leader in telemedicine; and China Medicine On-Line is a pioneer which leads this sector in China. Infinity’s support of China Medicine On-Line, on top of its direct merit, is meant to serve as a bridge for Israeli technology companies interested in expanding into the Chinese market", said Infinity life science managing director Dr. Bella Ohana.
Infinity has had 14 successful exits since June 2005. The Infinity I-China Fund is a $350 million follow-on fund to the Infinity-CSVC Fund, which was the first foreign fund to receive a license to operate in China.
Published by Globes [online], Israel business news - www.globes-online.com - on June 3, 2008
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