FIRE1 raises €40m Series C financing for heart monitoring solution

Conor Hanley, FIRE1
Conor Hanley, FIRE1

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30 January 2018 | 0

Foundry Innovation & Research 1 (FIRE1), has secured C financing totalling €40 Million. The financing was led by new investor Glide Healthcare, with the participation of new investors Gimv and Seventure and all existing investors, including Lightstone Ventures, Medtronic, and New Enterprise Associates,. It was also announced that Janke Dittmer, partner at Gilde Healthcare, and Patrick Van Beneden, partner at Gimv, have joined FIRE1’s Board of Directors.

The financing provides FIRE1 with capital to further advance its novel remote monitoring solution to improve outcomes for heart failure patients.

Some 90,000 Irish people live with heart failure, with 10,000 newly diagnosed each year. The condition affects 15 million people across the EU. Globally, it is estimated that at least 26 million people suffer from heart failure, and the burden is particularly high for older patients. It is the leading cause of hospitalisation for people over 65, and accounts for 1.2% of the total Irish health budget at €158 million.

“This infusion of new capital from these premier investors will enable us to accelerate our progress and deliver on our commitment to help patients with heart failure,” said Conor Hanley, FIRE1 CEO and president.

“Improving outcomes for heart failure patients remains one of the most pressing needs in healthcare,” said Janke Dittmer, partner at Gilde Healthcare. “We have been impressed by the FIRE1 team, their development progress and the support they’ve garnered from leading clinicians for their comprehensive solution to transform heart failure management.”

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