Monitoring the growth of Indian startup ecosystem, electronics and healthcare company Philips is planning to set up a venture fund to invest in Indian health tech startups.
Jeroen Tas, who currently heads the company’s connected care and health informatics business, told that the plans to set up an India-focused venture fund are still at an early stage and would depend on the success of similar funds that Philips has set up in Israel and Netherlands.
Philips had set up a $30 Mn venture fund jointly with Israel-based pharma company Teva, in July last year. The fund was set to invest in medical devices and healthcare technology startups for over eight years.
There have been not many details shared about the venture fund. However, Tas confirmed that the venture fund will be setup along the similar lines as that of Israel fund.
In India, Philips is also looking to significantly ramp up its data-analytics team and hire hundreds of data scientists over the next five years. The company currently reports having about 200 data scientists working out of its Bangalore technology centre.
The development was first reported by ET.