The American Heart Association, Philips and Pittsburgh-based UPMC unveiled Cardeation Capital, a $30 million venture capital fund to encourage developments in cardiovascular disease prevention and treatment, May 17.
Cardeation Capital will invest in emerging healthcare technology companies working in the cardiovascular space. Its mission is to spur developments in diagnostics, treatments and care for heart disease and stroke and their risk factors, such as diabetes.
The three organizations each committed $10 million to the fund. Aphelion Capital, a healthcare and medical technology venture capital firm, will manage Cardeation Capital.
"We expect that Cardeation Capital, working closely with our world-renowned clinicians at UPMC Heart and Vascular Institute, will play a critical role in this strategy for the benefit of our patients," C. Tal Heppenstall, executive vice president of UPMC and president of UPMC Enterprises, said in a May 17 statement.