The nine-year Philips veteran is joining Ascension Ventures as medtech and life sciences investment leader.
Sean Cheng is leaving Philips Ventures, the corporate investment arm of Netherlands-based healthcare technology conglomerate Philips, to join Ascension Ventures, part of US healthcare system Ascension. Cheng will lead the unit’s medtech and life sciences investments.
Cheng’s career at Philips Ventures spans nearly nine years, including positions as senior manager of strategy, M&A and partnerships. He was responsible for investments, particularly around AI, including Orbita, a voice-driven AI platform that people can access to manage their healthcare.
Philips, one of the world’s biggest electronics companies with a net income of $1.24bn, is renowned for healthcare technology from 3D imaging systems to electric toothbrushes.
Philips Ventures’ investments include Siilo, a medical messaging app that enables healthcare professionals to securely discuss medical-related topics with colleagues. The unit has had six successful exits, with the latest being Kumovis, a medical engineering startup that focuses on 3D printing medical devices.
Ascension Ventures is a corporate venturing unit with more than $1bn under management. It has more than 80 portfolio companies including radiology embolics developer Instylla and medical hydrogel producer Rejoni.
Regarding his new position, Cheng said: “I am more than thrilled to be joining such a storied fund and platform, and look forward to collaborating to bring amazing tech and services to improve outcomes and reduce costs in healthcare.”