SmartHeart is a total artificial heart and left ventricular assist device (LVAD) designed for long-term, durable use in patients suffering from biventricular heart failure.

Cleveland Clinic said its corporate venturing arm, Cleveland Clinic Innovations is responsible for the company’s creation, business development and commercialization of all medical technology.

Cleveland Clinic Innovations justice family chair and chief innovation officer Thomas Grahamand said, "Developing innovations to treat patients who are living with heart failure is an imperative, and this investment will enable Cleveland Heart to further develop and extend its research."

Cleveland Clinic Innovations executive director Chris Coburn said the resources will enable Cleveland Heart to advance the development of its total artificial heart system that has the potential to dramatically improve the lives of thousands of heart failure patients.

"It is wonderful to see how this investment will advance this breakthrough technology developed with great effort by Cleveland Clinic cardiac surgeons, engineers and cardiologists," Coburn added.