The venture investing platform of Israel OurCrowd stated on Tuesday that it plans to raise $100 million for the investment in technology in medical, education, and other segments for finding solutions for coronavirus or COVID-19 and future pandemics.
Its pandemic innovation fund (PIF) will focus on investing in areas such as vaccines, personal protection, therapeutics, diagnostics, remote monitoring, digital health, remote working, distance learning, robotic process animation, home exercise, and cybersecurity.
OurCrowd Fights Coronavirus
The fund will invest in new startups and relevant companies already included in OurCrowd's portfolio, which has more than 20 companies actively working to mitigate the coronavirus crisis. Some of these companies, it said, will be candidates for follow-on investment from the PIF.
"To ensure that we get the world back on track, there is now an urgent need for innovation," said OurCrowd CEO Jon Medved. "Technology can help us overcome many of the problems resulting from the crisis."
The deadly virus outbreak has created a major stir around the world in recent times claiming the lives of more than 375,000 people globally and infected over 6.2 million people worldwide. The virus has infected people in more than 170 countries and is currently spreading like wildfire.
(With agency inputs)