DALLAS – The American Heart Association has partnered with Philips and UPMC to launch Cardeation Capital, a $30 million venture capital fund designed to spur health care innovation in heart disease and stroke care.
Managed by Aphelion Capital, each of the three organizations has committed $10 million to the fund to bring products and solutions to market that address critical areas of health care delivery and health management.
“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,” said Nancy Brown, CEO of the American Heart Association, in a statement. “Through Cardeation Capital, we expect to deliver better outcomes and improve the quality of health care delivery for the people who are counting on us the most.”
The new venture fund will invest in emerging health care companies that can measurably impact the prevention and treatment of cardiovascular diseases and stroke, and their risk factors, including diabetes.
“At Philips our goal is to improve the lives of 3 billion people a year by 2025,” said Richard Wilmot, head of health technology ventures at Philips, in a statement. “To achieve this ambition, we co-create solutions with health care providers, invest in start-ups and partner with other industry players.”
The fund’s investments will include technology startups focused on areas including prevention and patient education, not capital-intensive drugs and devices, said Dr. Joon Sup Lee, co-director of the UPMC Heart and Vascular Institute, in a statement.
“Cardeation Capital is really another opportunity to fill some of the gaps in cardiovascular care,” he said.