Cleveland Heart Raises $30 Million

Published: Aug 03, 2012

Charlotte Business Journal by Jennifer Thomas, Staff Writer

Cleveland Heart Inc. has received a $30 million investment that will aid efforts to bring its version of the total artificial heart to market.

That medical-device company is a joint venture between Charlotte-based Trans-?World Medical Devices and Cleveland Clinic Foundation, the corporate venture arm of the Cleveland Clinic.

The investment was made by a Korean private-equity group, known as the Power Heart Consortium. Further details were not available.

Cleveland Heart says the money will be used for further development and clinical trials for its artificial heart. The device will replace a patient’s heart prior to a transplant.

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