Covidien Ventures established

Covidien, a Bermuda-based global provider of health care products, has established Covidien Ventures, a corporate venture capital function. The unit will invest in areas of strategic importance to the company with the goal of providing early exposure to innovative technologies and enhancing market intelligence in healthcare products.

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.

"Covidien Ventures will allow us to make early-stage investments and investigate emerging technologies in the health care areas of interest to Covidien," said Amy Wendell, senior VP, corporate strategy and business development. "This exposure could potentially lead to our acquiring technology, intellectual property or start-up companies to expand our product portfolio and accelerate business growth," she noted.