Siemens sets up venture capital arm in Beijing
(China Daily)
Updated: 2006-06-27 13:37
The venture capital arm of Siemens has been formally set up in Beijing to tap
into opportunities in China's innovative technology sector.
Ralf Schnell, president and chief executive officer of Siemens Venture
Capital (SVC), said the company's plan is to complete at least two to three
deals within the next 12 months.
"SVC's investment budget in China is not limited, and will depend on the
quality of investment opportunities available," Schnell said.
He said opportunities in China are driven by the Chinese Government's
"independent innovation" strategy, challenges presented in the sustainable
development of China, and the booming venture capital market in China.
"Fostering entrepreneurship in innovative technologies will increasingly
become a priority in future," he said.
In 2005 venture capitalists invested US$1.1 billion in more than 200 deals in
China, according to Zero2IPO, a venture capital market research company in
Beijing.
He said in addition to seeking profits by investment in start-ups, SVC looks
for companies with leading-edge technologies that can benefit Siemens' business
and its customers.
Since it was launched in 1999, SVC has invested some 700 million euros
(US$875.4 million) in over 100 start-ups and 30 venture capital funds, mainly in
the United States, Europe and Israel.
Prior to the launch of the office on the Chinese mainland, SVC mainly made
indirect investments in venture capital funds rather than directly investing in
start-ups.
SVC will primarily focus on companies that are expanding rather than firms at
the beginning stage, said Schnell.
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