fund

Dutch consumer electronics and healthcare firm Philips is planning to set up an India-focused venture fund to make investment in Indian healthcare technology startups. Philips already have venture funds in Israel & Netherlands and now looking at setting up a similar fund for Indian startups as well.

In July 2015, Philips and Israel-based pharma company Teva jointly set up a $30-million venture fund to invest in medical devices and healthcare technology startups in Israel over eight years. Philips veteran Jeroen Tas said that Bengaluru is an important hub for the company.

"We have a couple of hubs that are really important to us — clearly Bangalore is one, Eindhoven is one. We have a smaller hub in the US and Israel. And each of these are in places where we have an ecosystem," said Tas.

Along with fund launch, Philips is also looking to significantly ramp up its data-analytics team and hire hundreds of data scientists over the next 5 years. The company, currently, has about 200 data scientists working out of its Bengaluru technology centre.

"We will potentially have 2,000 people in Bangalore as part of the data science team — up from 200 now. The kind of talent we are looking for is people with a science background.

The best people who are really good at this have a statistical background. We're also looking at people who have done business analytics — also people who have majored in physics, chemistry, etc. That kind of background," said Tas.

A couple of days back, US based venture capital firm EVC also announced its plans to launch $50 million fund focused on Indian startups. The fund will typically invest around $100,000-$5 million in startups.

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