Pittsburgh-based UPMC, the American Heart Association and health tech company Philips, have launched a $30 million venture capital fund aimed at developing innovations in heart disease and stroke care, the AHA announced May 17.
The three organizations each committed $10 million to fund Cardeation Capital to deliver products that address healthcare delivery and health management.
Cardeation will invest in healthcare technology companies that have scalable products aimed at the prevention and treatment of cardiovascular diseases and stroke and their risk factors, such as diabetes.
Companies or entrepreneurs interested in submitting their products to improving the quality of healthcare delivery can submit directly to Aphelion Capital, which is managing the fund.
"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 healthcare," said Tal Heppenstall, president of University of Pittsburgh Medical Center Enterprises, the commercialization arm of UPMC. "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."