Israeli-based aMoon has revealed that it is set to partner with Credit Suisse to drive digital health, medical devices and biopharma initiatives across Europe, Israel and the US.
The $250mn deal will enable up to $40mn in funding to be granted to approximately 15-30 companies, the Times of Israel has reported. The partnership will see both parties present eligible Credit Suisse clients and institutional investors outside the US and Canada exclusive access into the venture capital fund.
“We are thrilled by the vote of confidence that Credit Suisse’s strategic partnership represents, and by the tremendous impact it will have in our relentless pursuit to accelerate care,” said Dr. Yair Schindel, Co-Founder & Managing Partner of aMoon.
“This strategic partnership is perfectly timed to leverage the growing convergence of technology and healthcare. Breakthrough scientific research, innovative technology, and decades of digital health records make Israel an ideal launchpad for leading this global transformation in healthcare. This will generate deep value for our investors and positively impact the lives of millions of patients.”
Michel Degen, CEO of Credit Suisse Asset Management Switzerland and EMEA, added: “It is critical that, disruptive businesses, which are committed to resolving some of the healthcare sector’s most pressing issues, receive access to venture capital and the liquidity they need. We are therefore delighted to enter into a strategic partnership with aMoon, a leader in health tech and life sciences investing.”
Health tech is an important part of Credit Suisse’s defined long-term house view investment themes and Credit Suisse Asset Management believes it provides an attractive investment opportunity in the current market environment.
"This is Credit Suisse's largest ever investment in an Israeli fund. The fund carried out due diligence over three month during which time hundreds of hours was invested in investigating the management of our first fund and over 60 interviews were carried out with organisations that work with us," noted Schindel.
Established in 2016, life-sciences investment fund, aMoon, has sought to overhaul existing unaffordable, unsustainable healthcare systems through digital innovation, reducing costs and enhancing efficiency.
The Credit Suisse financing from its asset management and private banking divisions brings the fund close to meeting its target of $500 million. The remainder of the funding is expected to be raised within a few months.