New $30 Million Venture Capital Fund to Spur Innovation in Heart Disease and Stroke Care
May 17, 2018
American Heart Association and co-investors Philips and UPMC to fund pioneering health care products and solutions for patients, scientists and providers through Cardeation Capital venture capital fund.
With cardiovascular disease on the rise and costs heading to $1 trillion in the U.S., groundbreaking developments in diagnostics, treatments and care are urgently needed. To assure that effective innovations are rapidly introduced into the health care system to benefit patients, and with evidence to demonstrate their impact, the American Heart Association, together with Philips and UPMC, today announced the launch of Cardeation Capital, a $30 million collaborative 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.
Cardeation Capital 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. Aphelion Capital, a leading health care and medical technology venture capital firm, brings substantial medical and health system knowledge and extensive networks to enhance returns for the fund and the entrepreneurs in whom the fund invests over the long term.
The American Heart Association – the world’s leading voluntary health organization devoted to fighting cardiovascular disease – is committed to forming strategic partnerships and values the power of collaboration to advance its mission. By combining emerging technologies with groundbreaking science, Cardeation Capital is just one example of how the Association is accelerating innovation in health care.
Through this novel venture fund, the American Heart Association and its co-investors will work closely together to identify and fund best-in-class health care 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 health care delivery can submit directly to Aphelion Capital.
“Cardiovascular disease costs are projected to exceed $1 trillion by 2035,” said Nancy Brown, CEO of the American Heart Association. “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 health care delivery for the people who are counting on us the most.”
Richard Wilmot, head of Health Technology Ventures, Philips, added: “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 health care providers, invest in startups, and partner with other industry players. Together with the American Heart Association and UPMC, through the Cardeation Capital venture capital fund, we will invest in innovative health care products, services and solutions that have the potential to improve the lives of cardiovascular disease, stroke and diabetes patients.”
According to Tal Heppenstall, president of UPMC Enterprises
, the commercialization arm of UPMC: “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 health care. We expect that Cardeation Capital, working closely with our world-renowned clinicians at the UPMC Heart and Vascular Institute
, will play a critical role in this strategy for the benefit of our patients.”
Ned Scheetz, founder and managing partner of Aphelion Capital, said his organization is committed to investing in low capital-intensive entrepreneurial opportunities that will improve health care quality while reducing costs in our health care system. “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. We look forward to working closely with our partners to address today’s real-world issues associated with health care delivery.”
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