The American Heart Association, along with co-financers Philips and the University of Pittsburgh Medical Center (UPMC), will provide $30 million in venture capital to fund heart disease and stroke innovation.
The money will be invested in healthcare companies that “can measurably impact the prevention and treatment of cardiovascular diseases and stroke and their risk factors, including diabetes," according to an AHA release.
Each organization will contribute $10 million to the effort, which will be called Cardeation Capital and managed by Aphelion Capital.
“Cardiovascular disease costs are projected to exceed $1 trillion by 2035,” said Nancy Brown, CEO of the American Heart Association. “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, we expect to deliver better outcomes and improve the quality of healthcare delivery for the people who are counting on us the most.”
As a senior news writer for TriMed, Subrata covers cardiology, clinical innovation and healthcare business. She has a master’s degree in communication management and 12 years of experience in journalism and public relations.