Medical device player FIRE1 raises $7.5m in Series B round

12 Apr 201694 Shares

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Medical devices player FIRE1 has raised $7.5m and has appointed Conor Hanley (pictured) as its new CEO

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Dublin-based medical device maker FIRE1 has raised $7.5m in a Series B funding round and has appointed Conor Hanley as its new CEO.

Foundry Innovation & Research 1 (FIRE1) is developing a novel remote-monitoring device.

The Series B funding round was raised from existing investors, including leading venture capital firms Lightstone Ventures and New Enterprise Associates, as well as Medtronic.

Hanley, the company’s new CEO, is a seasoned medtech executive who held senior management positions with ResMed, as well as being CEO and co-founder of BiancaMed.

Hanley will be a speaker at Inspirefest, which will be held between 30 June and 2 July.

‘This investment underscores global unmet needs in healthcare delivery, especially in predicting the onset of major diseases’
– CONOR HANLEY, FIRE1

The company has also added other new senior leaders to its team, including John Britton, vice-president of commercial operations, and Fiachra Sweeney, senior director of engineering.

With this latest financing, Foundry managing director Mark Deem was also appointed chairman of the board of FIRE1.

Accelerated development

“With the support from these premier investors, the strength of our newly-expanded leadership team, and the Irish Government aggressively pushing the connected health ecosystem, we are in a very strong position to accelerate the development and commercialisation of our first product,” said Hanley.

“This investment underscores global unmet needs in healthcare delivery, especially in predicting the onset of major diseases.”

FIRE1 was founded through medtech incubator The Foundry.

Other start-ups that have emerged from The Foundry include: Ardian (acquired by Medtronic); Cabochon Aesthetics (acquired by Ulthera/Merz); Cierra (acquired by Terumo); Concentric Medical (acquired by Stryker); Cotera; Emphasys Medical; Evalve (acquired by Abbott Labs); First to File (acquired by Mark Monitor); Holaira; Miramar Labs; Satiety; Twelve (acquired by Medtronic), XTENT (Nasdaq: XTNT), and the ophthalmic company incubator Forsight Labs.

Inspirefest is Silicon Republic’s international event connecting sci-tech professionals passionate about the future of STEM. Join us again from 30 June to 2 July 2016 for fresh perspectives on leadership, innovation and diversity. Book your tickets now.

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Editor John Kennedy is an award-winning technology journalist.

editorial@siliconrepublic.com