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2024 Year in Review

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2024 Year in Review
A Transformative Year

A Letter from the Chief of Cleveland Clinic Innovations

Innovation is more than a strategy at Cleveland Clinic—it's a fundamental core value that drives our mission to transform patient care. Since our inception in 2000, Cleveland Clinic Innovations has been at the forefront of medical discovery, fostering an environment where breakthrough ideas flourish and transform into life-changing solutions.

In 2024, we witnessed unprecedented growth, building upon the robust foundation of our new operating model. We’ve created an ecosystem that seamlessly connects clinical expertise, engineering excellence, and entrepreneurial vision. Our centers of innovation continue to serve as powerful catalysts for advancement in medical research and development, fostering collaboration between clinicians, researchers, and industry partners.

This year brought major achievements across our organization and expanded our innovation initiatives. We achieved multiple successful company exits, set new records in licensing agreements, and launched promising spin-off companies based on Cleveland Clinic technologies. The Innovations team is growing and with that comes opportunities to have a greater presence at conferences, hosting dynamic events, and implementing new innovations models. Internationally, Cleveland Clinic London has fully joined our Innovations ecosystem, and we are advancing our integration with Cleveland Clinic Abu Dhabi and Canada.

As we look toward 2025, we remain dedicated to expanding our innovation footprint while maintaining the agility that drove this year's success. We are grateful for the passion and dedication of every researcher, clinician, inventor, and strategic partner who makes our work possible. Together, we are building a future where breakthrough ideas enhance patient care globally.

 

D. Geoffrey Vince, PhD

Geoffrey Vince_Signature

Chief, Cleveland Clinic Innovations
Chair, Biomedical Engineering

 

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Cleveland Clinic's commitment to innovation and the future of patient care is at the heart of everything we do.

Operating Model

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Engagement
Engagement Partners (EP) work directly with caregivers  to craft Invention Disclosure Forms (IDFs) and develop strong value propositions for inventions.
Assessment
Commercial potential, Intellectual Property (IP), competitive, regulatory, reimbursement, and clinical need analysis and evaluation. Once complete, Go/No-Go Committee votes on viability and enterprise alignment.
Innovations Development
Ideas are translated to viable products. The Development team creates, maintains and communicates a development program with clear timelines and investable milestones.
Business Development and Licensing
Business Development and Licensing (BD&L) establishes partnerships, develops strategies to enter markets, assists in negotiations and identifies licensing opportunities.
Ventures
Ventures commercializes IP into standalone spin-offs for inventions whose value proposition and target market warrant it.

Ideation

At Cleveland Clinic Innovations, the ideation stage is where groundbreaking healthcare solutions begin. It’s a time of collaboration, ensuring every idea has the potential to transform the landscape of healthcare. With strategic funding, we fuel the future of medicine and technology, bringing innovations closer to reality. And through dynamic events, we create opportunities for partners and inventors to connect, share ideas, and collaborate toward shaping the next generation of healthcare solutions. This is where ideas truly meet opportunity and take their first steps toward making a difference in the future of healthcare. Each metric represents not just data, but the progress driving tangible improvements in patient care.

Measuring Impact and Driving Results

Inventions Disclosed

Cleveland Clinic Innovations worked with inventors to disclose 263 inventions in 2024, a 25% increase from 2023.

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CaretUp
0%
increase from 2023

Patents Filed & Issued*

Our work helped Cleveland Clinic Inventors receive 144 patents this year.

Frame 51 (1)
0+
since inception

* As of Jan. 2025

Funding the Future of Healthcare

$0m
$0m

CCI invested in companies

$6.1m

external funding across 6 awards

$800k

Catalyst SPARK awards
Learn More

$25k

Hickey Innovation
Impact Award
Learn More

Where Ideas Meet Opportunity

Innovation Challenge 2024

The Innovation Challenge showcased three groundbreaking medical technologies addressing challenges in weight management, bacterial infections, and heart valve repair. In partnership between Cleveland Clinic Innovations and Philanthropy, and made possible by the generosity of Jones Day, the event highlighted the remarkable potential of inventive minds at Cleveland Clinic dedicated to revolutionizing patient care.

Inventor Recognition Event

Cleveland Clinic Innovations hosted a recognition of Cleveland Clinic inventor achievements. The team celebrated the collection of brilliant innovative minds who have focused on developing life-changing healthcare solutions.

Florida Research & Innovation Center (FRIC) Forum in Collaboration with BioFlorida

Researchers highlighted innovations and new treatments at Cleveland Clinic's Florida Research and Innovation Center, connecting attendees with industry professionals, government officials, and Cleveland Clinic caregivers.

Translation

Cleveland Clinic Innovations turns breakthrough ideas into real-world solutions that make an impact. This phase is where collaboration, action, and resources align to revolutionize healthcare. Through our team of teams approach, we ensure synergy across all levels, combining diverse expertise to accelerate innovation and drive meaningful impact in healthcare. Our Innovation in Action webinars showcase how these ideas have the potential to reshape patient care, while our Centers of Innovation provide the vital resources and infrastructure needed to accelerate progress. Together, these efforts ensure that the most promising innovations are translated into tangible healthcare advancements.

Building Connections

jan

J.P. Morgan Healthcare Conference

The J.P. Morgan Healthcare Conference is the epicenter of investor and entrepreneur meetings and programming. This premier conference allowed Innovations to connect with global industry leaders, emerging fast-growth companies, innovative technology creators, and members of the investment community.

 

FEB

Association of University Technology Managers (AUTM) Annual Meeting

Our Innovations team was excited to join the largest gathering of academic technology transfer professionals in the world at AUTM's 2024 Annual Meeting. AUTM was a great way to connect, make deals, and gain insights from world-class speakers and panels.

mar

Life Science Intelligence (LSI) Emerging Medtech Summit

JD Friedland of Cleveland Clinic Innovations moderated a panel at LSI USA ‘24 discussing the future of structural heart technology, including surgical-cardiology convergence, AI applications, and startup challenges in patient care and access.

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jun

Biotechnology Industry Organization (BIO) International Convention

At the Biotechnology Innovation Organization (BIO) International Convention Innovations was able to connect with attendees, companies, and exhibitors during the convention to discuss Cleveland Clinic Innovations' portfolio companies and technologies ready for partnership.

BIO Florida Booth_Bernardo Perez-Villa

 

sep

Ohio VC Fest

JD Friedland led an "Investment Strategy for Health Tech Startups" workshop at Ohio VC Fest, where panelists shared insights and real-world experiences about securing funding in the HealthTech sector.

Ohio VC Fest_JD Friedland

 

oct

HLTH

A team of Innovations caregivers attended the HLTH 2024 conference, one of the leading healthcare innovation events. The group participated in key sessions and discussions around the future of healthcare technology. With over 11,000 attendees and 907 exhibitors, HLTH 2024 provided an opportunity for the CCI team to connect with digital health leaders and explore the latest industry trends.

Cleveland Clinic CEO at Cleveland Clinic Booth_HLTH_10.21.24

 

Innovation in Action: Revolutionizing Healthcare Webinar Series

Innovation in Action Logo 2 (1)

Watch our Innovation in Action webinar series to explore Cleveland Clinic's breakthrough medical technologies. See how Cleveland Clinic inventors and researchers are advancing patient care through cutting-edge innovations that could transform healthcare.

Our Centers of Innovation

Commercialization

Commercialization is where vision meets execution, transforming groundbreaking ideas into tangible solutions that reach patients worldwide. In 2024, we continued to build on our proven approach, supporting breakthroughs through strategic funding, with millions raised in capital. The year saw exciting developments across our portfolio, with several successful exits and the addition of new companies poised to make a significant impact in healthcare. We expanded our reach in digital health, medical devices, therapeutics, and diagnostics, bringing new technologies to market that promise to revolutionize patient care. As we lead the way in healthcare innovation, our thought leadership articles and events provide a platform for sharing knowledge and fostering collaboration within the industry.

Fueling Research Through Reinvestment

Technologies by Domain

1,300 + active technologies (5)-1
$0m
gross licensing revenue plus net gain on sale
0
2024 number of licensing deals
0+
number of total licensing deals

Supporting Breakthroughs

$0m
$0m

in capital raised during funding
rounds for our portfolio companies this year

27
current portfolio companies
2
portfolio company exits
5
2024 new portfolio companies

Expanding Our Reach

Digital Health

Augmented Reality Neurorehabilitation Platform, Strolll, Enters US Market in $3M Collaboration with Cleveland Clinic

The deal will expand Strolll’s digital therapeutics platform and see Cleveland Clinic become a shareholder in the company. Lead investigator and Cleveland Clinic inventor, Jay Alberts, PhD, Vice Chair of Innovation in Cleveland Clinic’s Neurological Institute, comments.    

Masimo and Cleveland Clinic Collaborate to Improve Hospital Remote Care

Masimo, a leading global provider of medical technology and hospital automation solutions, and Cleveland Clinic announced the launch of a new partnership centered around hospital-based remote patient monitoring (RPM), including TeleCritical Care.    

Medical Device

XII Medical, a Cleveland Clinic Innovations Portfolio Company, Raises $45M in Series B Financing to Advance Best-in-Class Neuromodulation Therapy for Obstructive Sleep Apnea

XII Medical, Inc., a Cleveland Clinic-backed medical technology company, has raised $45M in Series B funding led by Omega Funds for its neuromodulation therapy treating obstructive sleep apnea. The round included new investor Intuitive Ventures and will support product and clinical development.

Centerline Biomedical Receives FDA 510(k) Clearance for New IOPS® Viewpoint Catheter

510(k) clearance by FDA further addresses the market need to reduce physician exposure to harmful x-ray radiation during image-guided, endovascular procedures.     

Therapeutics

NeuroTherapia, a Cleveland Clinic Innovations Portfolio Company, Raises $12.3M in the First Close of its Series B Financing

NeuroTherapia, Inc., a Cleveland Clinic Innovations portfolio company, has raised $12.3 million in Series B funding led by Cleveland Clinic and other investors. The funds will support clinical trials of NTRX-07, an oral drug for Alzheimer's disease. The company plans to secure additional funding to develop another molecule for neuroinflammation treatment.

Cleveland Clinic Announces Updated Findings in Preventive Breast Cancer Vaccine Study | Anixa

Cleveland Clinic researchers are presenting updated findings from their novel study of a vaccine aimed at preventing triple-negative breast cancer, the most aggressive and lethal form of the disease. Launched in 2021, the ongoing clinical trial is evaluating safety and monitoring immune response of the vaccine. The phase 1 study, conducted at Cleveland Clinic’s main campus in partnership with Anixa Biosciences, Inc., has included 26 patients to date across three cohorts    

Diagnostics

Cleveland Diagnostics Completes $75M Financing to Advance its Early-detection Oncology Testing Platform

Cleveland Diagnostics, a Cleveland Clinic portfolio company, has announced the closing of over $75 million in growth capital financing led by Novo Holdings. The funding will accelerate the commercial strategy of its IsoPSA prostate cancer test and expand its portfolio of non-invasive tests. The company aims to provide specific insights to better inform healthcare providers and support actionable evidence when evaluating the ongoing unmet medical need for patients affected by prostate cancer.    

Floreo Acquires Autism Eyes, a Cleveland Clinic Innovations Owned Autism Diagnostics and Assessment Company

Autism Eyes, a company born from Cleveland Clinic Innovations with intellectual property licensed from Cleveland Clinic, has been acquired by Floreo, enhancing their behavioral health VR services, alongside Cleveland Clinic's strategic investment in the company.    

Leading the Way

jd-round

JD Friedland, MBA
Executive Director, Innovations Investments and Ventures

Why Cleveland Clinic is Investing in Autism Startups
Insights on Changing Healthcare Innovation Landscape
linda-round

Linda Li, CFA
Partner, Innovations Ventures

Empowering Patient Care: The Impact of AI, EEG, and VR/AR Technologies

sonja-round

Sonja O'Malley, MBA, PMP
Senior Director, Innovations Business Development and Licensing

141+ women in health IT to know | 2024 /  Innovations Profile
Healing in the Digital Era: A Guide to Healthcare Innovation
bernardo-round

Bernardo Perez-Villa, MD, MSc
Senior Engagement Partner

Transforming Cardiovascular Care: Three of the Latest Innovations
Featured in JAMA and Clinical Pharmacology & Therapeutics

todd-round (2)

Todd Schwarzinger, MBA
Partner, Innovations Ventures

Cleveland Clinic Ventures Partner Todd Schwarzinger, MBA, Shares Why Start-ups Should Have a Concise Pitch
Healthcare Systems turn to Internal Venture Capital Arms to Bring in Additional Revenue

geoff-round

Geoff Vince, PhD
Chief, Cleveland Clinic Innovations
Chair, Biomedical Engineering

Cleveland Clinic Innovations Hits New Stride Bringing Health Care Inventions to Life

Fierce Names Cleveland Clinic Innovations as One of its 50 Honorees of 2024

Voices of Innovation

The MedTech Digest

Inside Cleveland Clinic Ventures’ Strategy for Transformative Innovation with JD Friedland

MIDI Innovation Vault Podcast

Cleveland Clinic Ventures & MIDI: A Sit-Down with JD Friedland

UTEC Summit Presentations featuring Geoff Vince, Jim Ellis, Sonja O'Malley & Jay Alberts

 

Connecting Giants and Unicorns (CGU)

Future Health – Shaping Tomorrow’s Healthcare with AI and Digital Innovation with Bernardo Perez Villa


Young Presidents' Organization (YPO) Healthcare Business Network and the Medical Devices Subnetwork 

YPO Live: Demystifying the MedTech Market: Fundraising & Deal Trends with JD Friedland 

Midwest Pediatric Device Consortium Showcase 

Highlighting Initiatives and Achievements of the Consortium with JD Friedland

Innovations Model Expansion

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Inside Out
Traditional approach to drive innovations from within

tactic

Tactical
Opportunistic adaptation of external innovations that may help us

target

Strategic
Partnering to proactively seek solutions to our biggest unmet needs

External Innovation Engine

Leveraging Outside-In Advancements

Cleveland Clinic Innovations has built strong healthcare partnerships through ongoing engagement with investors, advisors, and health systems. This has created opportunities for strategic collaboration and investment in emerging healthcare companies that align with Cleveland Clinic's clinical priorities and commercialization objectives.

FRIC Forum

Dyania Health Pockets $10M to Automate Patient Chart Review with AI 

Cleveland Clinic Expands Access to Care for Patients with Chronic Digestive Diseases through Addition of Ayble Health
Cleveland Clinic Partners with Sports Data Labs to Advance Sports Data Collection and Care for Athletes and Patients
Banner Health, Cleveland Clinic Invest in Analytics Startup 1m

Expansion Across the Globe

Cleveland Clinic supports caregivers by fostering an environment of creativity and openness to explore how things can be done differently for the benefit for all patients. This culture of innovation is a core value that permeates throughout our entire ecosystem.”

Joseph Iannotti, MD, PhD
Chief Research and Academic Officer, Cleveland Clinic Florida

 

Global Research, Education + Innovations

CCI 2024 External Year-In-Review Draft 12-19-24 (3)
Artificial Intelligence (AI) Roundtable

Cleveland Clinic London hosted the inaugural Artificial Intelligence (AI) Roundtable, bringing together leading technology investors to discuss the rapid pace of AI innovation. Cleveland Clinic London leadership, Cleveland Clinic's Chief Digital Officer, Rohit Chandra, PhD, and Todd Schwarzinger, MBA, Partner at Cleveland Clinic Ventures, facilitated a collaborative discussion to explore how these technologies can be leveraged to shape the future of healthcare.

AI Roundtable
Global Venture Philanthropy Fund

The Global Venture Philanthropy Fund is a unique initiative that offers an opportunity to support the development of breakthrough healthcare solutions. A collaboration between Cleveland Clinic Innovations and Philanthropy, this fund is designed to address some of healthcare’s most challenging problems by providing vital resources to accelerate the commercialization of groundbreaking medical technologies. Through this fund, donors play a crucial role in helping to bring innovative ideas from Cleveland Clinic researchers and clinicians to life, ultimately improving patient care on a global scale.

Learn More

Celebrate Innovation

Fierce Names Cleveland Clinic Innovations as One of its 50 Honorees of 2024
Fortune Recognizes Cleveland Clinic for Commitment to Innovation with #33 Spot Among Top 200 Companies
Inside the Innovation Factory: Cleveland Clinic Magazine Highlights Innovations and Startup Success

Caregiver Features

Innovation is More Than an Invention – Trishul Kapoor, MD, D.ABA, Shares His Journey at Cleveland Clinic
Persistence, Partnership, and Payoff: The Driving Forces Behind Cleveland Clinic's Innovation Ecosystem
Nurse Inventor Spotlight Series




 

2024

A Transformative Year

This year has been a defining chapter in Cleveland Clinic's journey to revolutionize healthcare. With each breakthrough, partnership, and discovery, we’ve continued to shape the future of medicine—driving change on a global scale. The work of our caregivers, researchers, and innovators has been nothing short of transformative, as they push the boundaries of what’s possible and bring new solutions to life. As we reflect on 2024, we see not just progress, but a powerful momentum that continues to elevate Cleveland Clinic as a leader in healthcare innovation.

Engage Now, Embrace the Future

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