Electronics and healthcare technology producer Royal Philips has provided $10m for Cardeation Capital, a $30m healthcare-focused venture capital fund that will be managed by venture firm Aphelion Capital.
Healthcare provider University of Pittsburgh Medical Center (UPMC) and non-profit organisation American Heart Association (AHA) also contributed $10m each for the US-based fund.
Cardeation will focus on developers of health management and healthcare delivery technologies intended to improve the prevention and treatment of cardiovascular diseases and strokes, as well as related conditions such as diabetes.
The fund did not confirm whether it will favour UPMC-linked companies, though it will cooperate closely with clinicians in UPMC’s Heart and Vascular Institute to guide its investment strategy.
Aphelion Capital will offer its expertise in the healthcare sector and provide access to its contacts.
Richard Wilmot, head of Philips unit Philips Health Technology Ventures, said: “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 startups 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 health care products, services and solutions that have the potential to improve the lives of cardiovascular disease, stroke and diabetes patients.”
– The original version of this article appeared on our sister site, Global University Venturing.