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, we expect to deliver better outcomes and improve the quality of healthcare delivery for the people who are counting on us the most,” AHA CEO Nancy Brown said in a press release.
“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. 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,” UPMC Enterprises prez Tal Heppenstall said in prepared remarks.
“Our organization is committed to investing in low capital-intensive entrepreneurial opportunities that will improve healthcare quality while reducing costs in our healthcare system. Through Cardeation Capital, we aim to strategically invest in a collaborative manner that will leverage the collective knowledge and experience of these top in field global organizations. We look forward to working closely with our partners to address today’s real-world issues associated with healthcare delivery,” Aphelion Capital founder and managing partner Ned Scheetz said in a prepared release.
Last month, Philips shares rose after the Dutch healthcare conglomerate reported better-than-expected profit numbers for the first quarter.