Covidien Ventures will be managed by Daniel Sheehan, vice president of Corporate Venture Capital, who recently joined Covidien from Affinity Capital Management.
Mr Sheehan, who has 20 years of experience in venture capital, business development and investment banking, will direct the new fund and lead the investment process for Covidien.
Amy Wendell, senior vice president of corporate strategy and business development, said: “Covidien Ventures will allow us to make early-stage investments and investigate emerging technologies in the healthcare areas of interest to Covidien. This exposure could potentially lead to our acquiring technology, intellectual property or start-up companies to expand our product portfolio and accelerate business growth.”