Credit Suisse partners with aMoon to accelerate digital health in Europe, the US and Israel
Israeli-based aMoon has revealed that it is set to partner with Credit Suisse to drive digital health, medical devices and biopharma initiatives across Europe, Israel and the US.
The $250mn deal will enable up to $40mn in funding to be granted to approximately 15-30 companies, the Times of Israel has reported. The partnership will see both parties present eligible Credit Suisse clients and institutional investors outside the US and Canada exclusive access into the venture capital fund.
“We are thrilled by the vote of confidence that Credit Suisse’s strategic partnership represents, and by the tremendous impact it will have in our relentless pursuit to accelerate care,” said Dr. Yair Schindel, Co-Founder & Managing Partner of aMoon.
“This strategic partnership is perfectly timed to leverage the growing convergence of technology and healthcare. Breakthrough scientific research, innovative technology, and decades of digital health records make Israel an ideal launchpad for leading this global transformation in healthcare. This will generate deep value for our investors and positively impact the lives of millions of patients.”
Michel Degen, CEO of Credit Suisse Asset Management Switzerland and EMEA, added: “It is critical that, disruptive businesses, which are committed to resolving some of the healthcare sector’s most pressing issues, receive access to venture capital and the liquidity they need. We are therefore delighted to enter into a strategic partnership with aMoon, a leader in health tech and life sciences investing.”
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Health tech is an important part of Credit Suisse’s defined long-term house view investment themes and Credit Suisse Asset Management believes it provides an attractive investment opportunity in the current market environment.
"This is Credit Suisse's largest ever investment in an Israeli fund. The fund carried out due diligence over three month during which time hundreds of hours was invested in investigating the management of our first fund and over 60 interviews were carried out with organisations that work with us," noted Schindel.
Established in 2016, life-sciences investment fund, aMoon, has sought to overhaul existing unaffordable, unsustainable healthcare systems through digital innovation, reducing costs and enhancing efficiency.
The Credit Suisse financing from its asset management and private banking divisions brings the fund close to meeting its target of $500 million. The remainder of the funding is expected to be raised within a few months.
NHS care homes are better than private, report finds
A new survey has found that 60% of people with parents in NHS care homes believe the quality of care has improved, compared to just 49% of respondents with parents in private care facilities.
The survey was conducted by Kepler Vision Technologies, an AI-driven company formed at the University of Amsterdam. It was carried out among UK adults with parents over the age of 75.
Respondents cited more capable care staff and better monitoring systems as being the main reasons for improvement.
However those who do not have parents in assisted living facilities had a different viewpoint - in this case only 35% of respondents believe that NHS facilities are improving, compared to 32% who believe it is only improving in the private sector.
Only 18% of people whose parents live with them or independently believe care home staff are able to look after residents to a good standard.
Kepler Vision say this difference in opinion is due to perceived budget cuts and financial pressures, with 67% of people commenting that a lack of funding has had a negative effect on care in both NHS and private care facilities.
Other key findings of the survey include:
* Out of those who say quality has declined in care homes, 69% say the NHS is dealing with budget cuts and increased financial pressure, while 65% also said that the private system is dealing with these pressures too
* 55% said that they or their parent have money saved specifically to pay for their future care
* 35% said the idea of their parent in a care home makes them feel frightened, although 32% say it makes them feel secure
* 52% are worried about their parent catching COVID
* 47% are worried about their parent being lonely
* 46% are concerned they could fall over alone
The announcement of this research follows the UK government's decision to delay presenting its social care budget till the autumn.
Commenting on the research, Dr Harro Stokman, CEO of Kepler Vision Technologies said: “While it is good to see that people recognise the importance of staff and face-to-face interaction in elderly care, the huge gap in opinion between those with parents in care and those without shows that there are unfair negative perceptions around the residential care space.
"More can and should be done by care homes to give people the confidence that their relatives will receive the very best care - by highlighting the excellent work of staff and how well they are able to monitor resident’s needs with easy-to-use technology.”