Medtronic-Sequoia venture to invest in startups

$60 million fund may provide seed capital to medical companies

Medtronic Inc, considered the world's largest standalone medical technology development company, is to partner with California-based Sequoia Capital in setting up a China-based fund dedicated to medical sector early-stage investments.

The initial fund is worth $60 million which is likely to be invested in local technology and services originating in China, that have the potential to be exported. The fund will also provide financing to commercialize suitable overseas technology within China.