Cardeation Capital has raised $10m each from UPMC, Royal Philips and American Heart Association to make investments aimed at fighting cardiovascular disease and stroke.
University of Pittsburgh Medical Center (UPMC) invested $10m on Thursday in the new $30m healthcare-focused fund Cardeation Capital.
Electronics and healthcare technology firm Royal Philips and non-profit organisation American Heart Association (AHA) also contributed $10m each. The fund will be managed by venture firm Aphelion Capital.
The fund will focus on health management and healthcare delivery businesses that improve the prevention and treatment of cardiovascular diseases and stroke, as well as related conditions such as diabetes.
Cardeation did not confirm whether it will favour UPMC-linked companies, though it will cooperate closely with clinicians in UPMC’s Heart and Vascular Institute to guide its investment strategy.
Aphelion Capital will offer its expertise in the healthcare sector and provide access to its contacts.
Philips views its investment as an advance towards its philanthropic goal of improving 3 billion lives by 2025, while AHA regards the fund as an addition to its roster of strategic partnerships that target cardiovascular disease.
Tal Heppenstall, president of UPMC Enterprises, the medical centre’s tech transfer office, said: “As one of the largest integrated health systems in the US, UPMC is making significant investments in the disruptive technologies needed to dramatically improve the quality and effectiveness of healthcare.
Nancy Brown, chief executive of AHA, added: “Cardiovascular disease costs are projected to exceed $1 trillion by 2035.”
“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.”
