Covidien, provider of sleep therapy and diagnostics, has established Covidien Ventures, a corporate venture capital function. Covidien Ventures will invest in areas of strategic importance to provide early exposure to novel technologies.

Daniel T. Sheehan, vice president of corporate venture capital, will manage Covidien’s new undertaking. Sheehan is a recent addition to Covidien, previously working for Affinity Capital Management.

“Covidien Ventures will allow us to make early stage investments and investigate emerging technologies in the health care areas of interest to Covidien. This exposure could potentially lead to our acquiring technology, intellectual property, or start-up companies to expand our product portfolio and accelerate business growth,” says Amy Wendell, senior vice president of corporate strategy and business development.