The American Heart Association, together with Philips and UPMC, has announced the launch of Cardeation Capital, a $30 million collaborative venture capital fund designed to spur healthcare innovation in heart disease and stroke care.
Managed by Aphelion Capital, a healthcare and medical technology venture capital firm, each of the three organizations has committed $10 million to the fund to bring products and solutions to market that address critical areas of healthcare delivery and health management, officials said in an announcement.
Cardeation Capital will specifically invest in emerging healthcare companies that can measurably impact the prevention and treatment of cardiovascular diseases and stroke and their risk factors, including diabetes. As officials noted, the American Heart Association and its co-investors will work closely together to identify and fund best-in-class healthcare technology companies with scalable products and services. Entrepreneurs and emerging companies who are interested in submitting their innovative products and solutions to improve the quality of healthcare delivery can submit directly to Aphelion Capital.
“Cardiovascular disease costs are projected to exceed $1 trillion by 2035,” Nancy Brown, CEO of the American Heart Association, said in a statement. “New approaches are urgently needed to increase prevention and treatment strategies to reverse the trend for those already suffering from heart diseases, as well as prevent populations from ever getting heart disease. Through Cardeation Capital, we expect to deliver better outcomes and improve the quality of healthcare delivery for the people who are counting on us the most.”
Tal Heppenstall, president of UPMC (University of Pittsburgh Medical Center) Enterprises, the commercialization arm of UPMC, added, “As one of the largest integrated health systems in the United States, UPMC is making significant investments in the disruptive technologies needed to dramatically improve the quality and effectiveness of healthcare. We expect that Cardeation Capital, working closely with our world-renowned clinicians at UPMC Heart and Vascular Institute, will play a critical role in this strategy for the benefit of our patients.”
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