Singapore-based VC Venturecraft Group has announced the launch of its second investment fund, Venturecraft Two, a S$50 million (US$36.8 million) aimed at boosting medtech and ICT startups in the region.

It has also been appointed as a medtech accelerator, under SPRING Singapore’s Sector-Specific Accelerator (SSA) programme. In this partnership, SPRING Singapore’s investment arm SPRING SEEDS Capital Pte Ltd (SSC) will co-invest in medtech companies with Venturecraft Group.

Venturecraft Group will be looking at medtech innovations including in-vitro diagnostics, diagnostics devices, interventional medical devices as well as healthcare technology and analytics.

Since its launch in 2015, Venturecraft Group has invested in medtech ventures with its first S$4 million (US$2.9 million) fund, funding three medtech ventures including: AIM Biotech (3D multicellular biological models in research, drug discovery and clinical diagnostics); Attonics Systems (Multi-channel Fourier Transform spectrometer platform for chemical, hydro-carbon, and medical industries); Glissade Dental (Low cost dental imaging device using patented Emission Re-absorption Laser-Induced Fluorescence technology).

Also Read: 3 tips to build a successful medtech business

Its second fund has already backed its first venture: A*STAR spin-off, MiREXS, which has developed microRNA detection platform that can be used to diagnose a wide variety of diseases from just a drop of blood.

In China, the Group operates the Venturecraft Innovation Centre in the Hangzhou Economic Development Area, which currently incubates MiRXES and other technology startups from Singapore.

In Singapore, the Group operates an incubation space at the JTC launchpad @ one-north, which currently houses tech startups such as the winner of the 2015 MIT Hacking Medicine hackathon, Caregiver Companion; and a HR software firm focused on extending health and wellness benefits to users, HEARTI Lab.

Disclaimer: Venturecraft is an investor in Optimatic Pte Ltd, the parent company of e27