Dublin-headquartered medtech company Fire1 has closed a $25 million (€23.7 million) fundraising round that will help it accelerate the development of its remote monitoring solution to improve outcomes for heart failure patients.
The funding round was led by healthcare investors Andera Partners and Novo Holdings, which are new backers for the company, with support from existing investors Gilde Healthcare, Gimv, the State-backed Ireland Strategic Investment Fund, Lightstone Ventures, Medtronic, New Enterprise Associates and Seventure Partners.
The company specialises in connected medical device solutions, focused on improving outcomes for people living with chronic diseases. It has an experienced medical devices team, and works closely with researchers, clinicians and patients to reduce the impact of heart failure.
“Fire1′s ability to raise an oversubscribed financing from investors of this calibre is a testament to the size of the opportunity in front of us,” said Conor Hanley, Fire1′s chief executive and president. “This capital will help us to achieve our mission of helping millions of heart failure patients around the world regain their normal lives.”
As part of the funding round, Aneta Sottil, director at Andera Life Sciences, and Eric Snyder, partner in venture investments at Novo Holdings, have joined Fire1′s board.
“We have been impressed by the Fire1 team and their drive to change the lives of heart failure patients,” said Ms Sottil. “We believe they have developed a connected medical device solution that has a truly ground-breaking potential. With yet stronger financial backing, the team has the opportunity to deliver a market-changing solution to help heart failure patients stay healthy and at home.”
Heart failure affects more than 60 million patients worldwide.
“We believe FIRE1 is uniquely positioned to unlock this market and we are excited to support the company in its mission to transform heart failure care,” said Mr Snyder.