Rising to the Summit
    Category: Smart Investing 2016 By : Leighton Cosseboom Read : 975 Date : Monday, June 20, 2016 - 02:36:19

    Summit Medical is a Jakarta-based startup that provides recurring education, training, and simulations to medical service providers in Indonesia. It places strong emphasis on nurses as primary caregivers, and aims to bring them up to speed on best practices and new procedures related to health problems in Indonesia.

    Luke Roush, managing principal of U.S.-based Sovereign’s Capital, co-founded the company along with former Sovereign’s associate Novita Ciputra in mid-2014. Sovereign’s, which has two offices in the U.S. and one in Jakarta, also invested an undisclosed amount of seed capital in the venture. While Luke is an original co-founder of Summit, his role today is a non­-executive board member.

    Luke sees big opportunities in Indonesia’s healthcare space. “Summit has a training course that focuses on life support, and the guidelines for helping children in serious situations are different than those for adults. Summit trained a number of healthcare providers on a Tuesday. The following Wednesday, those same providers had the opportunity to apply those skills to a very young child who came to their hospital in very bad shape,” recalls Luke. “They saved the baby’s life.”

    Although Luke is a venture capitalist, he is no stranger to the medical field. In November  2012, he co-founded a company called 410 Medical in North Carolina. The firm builds tools and develops new methods for resuscitating patients. Prior to that, he held various senior postions in  medical device company TransEnterix,  biopharm firm Liquidia Technologies, and Boston Scientific.

    In Jakarta, Luke gives much credit to his local counterpart and fellow managing principal David Tjokrorahardjo, a Medan-born entrepreneur educated in the U.S. Tjokrorahardjo is also the managing director of Citra Cakra Rahardja, a real estate firm that develops malls. The local Sovereign’s team includes venture partner Kevin Sutantyo, who is also the managing partner at RMKB Ventures, and Sovereign’s associate John Drexler, a former marketing manager for Summit Medical.

    Sovereign’s is bullish on healthcare in Indonesia, but it is also investing across the tech space. The venture firm has made several tech plays in the region, which includes investing in firms like GiftCard Indonesia, IT development lab RebelWorks, wedding e-marketplace Bridestory, meal delivery service BerryKitchen, money transfer app Xendit, and the famous Malaysia-based ride-hailing firm GrabTaxi (recently rebranded as “Grab”).

    “We have a wide variety of interests, but we try to stay focused on specific opportunities where we can bring value as an investor,” says Luke. “There’s no shortage of capital locally, and our capital isn’t the cheapest, so it’s important that we identify situations where we can bring tremendous value as a long-term business partner.” He adds that Sovereign’s Capital currently has other healthcare deals underway in Indonesia, but he can’t disclose the details yet. Luke hints that 2016 will be a very active year for Sovereign’s.