GE has announced the availability of a €167m ($250m) equity fund that will make investments in highly promising and innovative technology companies across the world.

The GE Healthymagination Fund, will invest in companies globally that have innovative diagnostic IT and life sciences technologies which are aligned with the strategic objectives of GE’s initiatives.

The fund will target three areas for investment. The first will target healthcare information technology, including electronic medical records, clinical information systems, healthcare information exchanges and value-added data services.

The second will target broad-based diagnostics including imaging, home-health, patient monitoring and molecular diagnostics.

The fund will also target innovation in life sciences including research and development in biopharmaceuticals and stem cells.

GE chairman and chief executive officer, Jeffrey Immelt said: “As GE works on solutions to healthcare’s biggest challenges, it is vitally important that we support the development of companies with promising technologies or business models that are aligned with our strategy and have the potential to shape the future of healthcare.

“This includes smarter processes and technologies that measurably increase access to healthcare, reduce the cost of delivery and improve quality. The Healthymagination Fund gives us an opportunity to work with emerging companies to support their development, as well as provide them access to our technology base and our global presence.”

The fund will also support companies that are developing innovative and unique services and business models. It is part of GE’s €4billion (€6billion) Healthymagination initiative to increase access to healthcare, reduce costs and improve overall quality.

Immelt added: “GE is able to offer a unique proposition to promising healthcare companies. In addition to providing growth capital and investment expertise, through this fund we offer entrepreneurs the opportunity to work directly with a global leader in healthcare technology in areas of mutual interest.”