Phillips launches $30 Million healthcare fund to treat cardiovascular diseases along with UPMC, AHA
Philips, UPMC and AHA are coming together to fund a $30 million venture. Together they endeavour to fund a project that will help in the creation of tools which treat cardiovascular diseases.
Millions of people suffer from heart problems such as heart attack, stroke, heart valve problems, Arrhythmia and face unexpected deaths, especially from sudden cardiac arrests. Medical science has the technology for new methods of treatments but there is a cost of $ 1 trillion that has been estimated for the new innovations.
With an aim to save more lives and make things easier for the cardiovascular section of the healthcare system, American Heart Association along with Philips and UPMC collaboratively launched CardeationCapital to fillip this venture.
Each organization will fund $10 million to hustle the products to the market so they may be available to the heart healthcare system. Aphelion Capital will take over the job of management.
American Heart Association, a non-profit organization which is headquartered in Dallas, Texas is committed to reducing deaths and disability caused because of stroke and other cardiovascular diseases. It combines incipient technologies with revolutionary science to accelerate innovation in heart healthcare.
Cardeation Capital has been entrusted with the job of investing in healthcare companies that can demonstrably affect the deterrence and treatment of cardiac diseases and stroke and also their risk factors including diabetes.
Aphelion Capital is a venture capital firm that emphases on aiding the growth of innovative medical technology with an emphasis to bring significant medical and health system knowledge and profound networks to enhance returns for the fund and the entrepreneurs in whom the fund capitalizes over the long term.
The three organizations are looking forward to working meticulously towards identifying and funding the finest healthcare companies that are technologically advanced companies offering scalable products.
Budding companies and entrepreneurs with ground-breaking ideas and products in the field of healthcare are welcome to submit them to Aphelion Capital.
CEO of American Heart Association, Nancy Brown said that the new methods and treatment strategies are required to better the existent technologies so those suffering from heart diseases may benefit from them. They are also looking forward to products that will prevent people from acquiring disease of the heart.
President of UPMC Enterprises, Tal Heppenstall, said that UPMC is looking forward to investing in disorderly technologies so that they can radically improve the usefulness and value of healthcare. They will work together with eminent clinicians at the UPMC Heart and Vascular Institute so as to benefit the heart patients.
Tal also said that they would invest in low capital intensive business prospects that will not only improve healthcare but also lower the costs in the system of healthcare.
They are targeting to finance collaboratively in order to leverage the communal knowledge and experience of these global organizations.
Head of Philips Health Technology Ventures, Rich Wilmot said that their company aimed at ameliorating the lives of about 3 billion people by 2025. And in order to accomplish this goal, they look forward to investing in startups, jointly create solutions with healthcare care providers and associate with other companies that deal in healthcare products and services.
Image credit: www.twitter.com