Ireland is well placed to be a world leader in connected health, with FIRE1 keeping the medtech flame alight.
Foundry Innovation & Research 1 (FIRE1) has raised €40m in a Series C round. It will use the funding to develop a novel remote-monitoring solution for heart failure.
The financing was led by new investor Gilde Healthcare, with the participation of new investors Gimv and Seventure and all existing investors, including Lightstone Ventures, Medtronic and New Enterprise Associates.
‘Managing patients at home with novel, digital, health-enabled solutions will help intercept the trajectory of the disease and reduce the need for hospitalisation’
– CONOR HANLEY
Janke Dittmer, partner at Gilde Healthcare, and Patrick Van Beneden, partner at Gimv, have joined FIRE1’s board of directors.
FIRE1 previously raised $7.5m in a Series B round in 2016.
At the beating heart of innovation
The investment provides FIRE1 with capital to further advance its novel remote-monitoring solution to improve outcomes for heart failure patients.
“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.
“Heart failure is a life-threatening disease and a significant burden on patients and healthcare systems. Managing patients at home with novel, digital, health-enabled solutions will help intercept the trajectory of the disease and reduce the need for hospitalisation.”
According to FIRE1, about 90,000 Irish people live with heart failure, with 10,000 newly diagnosed each year. Accounting for 1.2pc of the total Irish health budget, heart failure totals €158m direct cost to the Irish health service. With an ageing population, the impact of heart failure is expected to increase substantially.
The condition affects 15m people across the EU. Globally, it is estimated that at least 26m 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, with annual treatment costs exceeding $31bn in the US alone.
“Improving outcomes for heart failure patients remains one of the most pressing needs in healthcare,” said Dittmer.
“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.”