The American Heart Association, the University of Pittsburgh Medical Center, and healthcare tech company Royal Philips have partnered to finance a new $30 million venture fund, according to a statement. Called Cardeation Capital, the fund will be managed by Aphelion Capital, a healthcare and medical tech VC firm, and focused on promoting innovative technologies targeting heart disease and stroke care.
"Cardiovascular disease costs are projected to exceed $1 trillion by 2035," Nancy Brown, CEO of the AHA, 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."
According to the announcement, Cardeation Capital will be looking for healthcare companies that can provide measurable prevention or treatment, whether that be in cardiovascular diseases themselves or in risk factors including diabetes. The fund's investors, each of which put up a $10 million investment, said in a statement that they hope to identify emerging healthcare tech companies with products or services applicable at scale.
"At Philips our goal is to improve the lives of 3 billion people a year by 2025. To achieve this ambition, we co-create solutions with healthcare providers, invest in start-ups, and partner with other industry players," Rich Wilmot, head of Philips Health Technology Ventures, said in a statement. "Through the Cardeation Capital venture capital fund we will invest in innovative healthcare products, services, and solutions that have the potential to improve the lives of cardiovascular disease and stroke patients."
The fund welcomes healthcare tech entrepreneurs or companies to submit their products directly to Aphelion Capital.
"Through Cardeation Capital, we aim to strategically invest in a collaborative manner that will leverage the collective knowledge and experience of these top in field global organizations," Ned Scheetz, founder and managing partner at Aphelion Capital, said in a statement. "We look forward to working closely with our partners to address today's real-world issues associated with healthcare delivery."