Siemens launches renminbi VC business

Siemens Financial Services said on Monday that its unit Siemens Venture Capital Co Ltd has launched a fund devoted to renminbi onshore deals.

The new renminbi fund is part of Siemens Financial Services' global VC platform.

It mainly focuses on four sectors: energy, healthcare, industry, and infrastructure and urban development.

Siemens Financial Services is a unit of Germany-based Siemens AG.

Combined with the new renminbi fund, Siemens Financial Services' VC business will be able to invest the local currency into pure domestic companies to further enhance Siemens' capabilities in VC investment through renminbi onshore deals, in addition to the existing US dollar investment capacity, the company said.

The VC unit of Siemen Financial Services established its presence in Beijing back in 2006 to look for investment opportunities in the Asia-Pacific region. Since then, it has identified and financed young companies in China during their start-up phase and provided established companies with additional capital for their growth during the expansion phase.

"We leverage Siemens' global strength to help portfolio companies expand into new regions, initiate development partnerships, and conclude marketing partnerships," said Ralf Schnell, head of Siemens Financial Services' VC business.