Power Heart Consortium, a Korean private equity group, invested in Cleveland Heart, which is a joint venture between Cleveland Clinic and medical technology company TransWorld Medical Devices.

Cleveland Heart, a spin-off company from US-based medical research institute Cleveland Clinic’s Innovations corporate venturing unit, has raised $30m in its series A round to develop and test an artificial heart. Power Heart Consortium, a Korean private equity group, invested in Cleveland Heart, which is a joint venture between Cleveland Clinic and medical technology company TransWorld Medical Devices. The $30m is the largest amount that a Cleveland Clinic Innovations spin-off has received from a single investor, while Cleveland Clinic remains an investor in Cleveland Heart having founded the company in 2008. Thomas Graham, chief innovation officer at Cleveland Clinic Innovations, said: "Cardiovascular disease continues to be one of the leading causes of death in the world and the No. 1 killer in the US. "Developing innovations to treat patients who are living with heart failure is an imperative, and this investment will enable Cleveland Heart to further develop and extend its research."  Since it was established in 2000, Cleveland Clinic Innovations has filed over 1,600 patents, has more than 300 active licenses and has 48 spin-off companies that have received more than $600m in equity investment.

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