Philips, AHA, UPMC launch $30m heart-focused venture fund

Royal Philips (NYSE:PHG) said late last week it is joining with the American Heart Association and UPMC to launch a $30 million heart-focused collaborative venture capital fund. The newly formed Cardeation Capital fund will support innovation in products for treating heart disease and stroke care. The fund will be managed by Aphelion Capital, with each major player contributing $10 million, Amsterdam-based Philips said. Cardeation Capital will look to invest in companies trying to treat cardiovascular diseases and stroke and their risk factors, including diabetes, according to Philips. “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. Together with the American Heart Association and UPMC, 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,” Philips health tech ventures head Rich Wilmot said in a prepared statement. “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. Through Cardeation Capital, ...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Cardiovascular Wall Street Beat American Heart Assn. royalphilips UPMC Source Type: news