Cardiovascular disease (CVD) is the leading cause of death globally responsible for 17 million deaths every year and its toll is expected to rise to over 23 million deaths annually by 2030. CVD also represents a major economic burden with the annual economic cost of CVD estimated to range over $500 billion in the United States alone.
The current rapid pace of innovation is helping to reverse these crippling statistics and the health care industry has seen continual growth in Venture Capital investments.
To spur that momentum, the American Heart Association and Phillips, announce the expansion of Cardeation Capital with the first closing on the newest fund, Cardeation II, on June 30. We welcome Research Corporation Technologies, Inc. as our newest collaborator to help bring products and solutions to market that address critical areas of health care delivery and health management.
In 2018, Cardeation Capital was launched with a $30 million collaborative venture capital fund designed to spur health care innovation in heart disease and stroke care managed by Aphelion Capital.
To date, it has invested in several emerging health care companies that are measurably impacting the prevention and treatment of cardiovascular diseases and stroke and risk factors, including diabetes, as well as companies driving innovation in the operating room. An example of the latter is investment Explorer Surgical. Acquired by Global Healthcare Exchange (GHX) in October 2021, Explorer Surgical offers a digital case support platform that remotely connects medical device teams with providers and is helping accelerate product adoption and reinforce best practices during live procedures.
Entrepreneurs and emerging companies who are interested in funding to create innovative products and solutions to improve the quality of health care delivery can apply directly to Aphelion Capital.
New approaches are urgently needed to increase prevention and treatment strategies to reverse the trend for those already suffering from cardiovascular diseases. Through Cardeation Capital, and together with our co-investors, we will work closely to identify and fund best in class health care technology companies with scalable products and services to deliver improved outcomes and improve quality of care."
Nancy Brown, CEO, American Heart Association
Richard Wilmot, head of Health Technology Ventures, Philips, added: "At Philips, we are committed to improving the health and well-being of people through meaningful innovations. We have global R&D programs and collaborations to develop the technologies needed to dramatically improve the quality and effectiveness of health care. Through Cardeation Capital Fund II, we are helping to build a further pipeline of innovative health care products, services, and solutions that have the potential to improve the lives of cardiovascular disease and stroke patients."
According to Chris Martin, President of Research Corporation Technologies, Inc., "We are committed to making investments in disruptive technologies needed to dramatically improve the quality and effectiveness of health care and improve the lives of cardiovascular disease and stroke patients."