New investors Andera Partners and Novo Holdings led the round. Existing investors Gilde Healthcare, Gimv, the Ireland Strategic Investment Fund, Lightstone Ventures, Medtronic, New Enterprise Associates and Seventure Partners also participated.
Dublin, Ireland-based Fire1 plans to use the capital to accelerate the development of its implantable monitoring device for heart failure patients. A recent BBC report described the Fire1 system as the size of a pen cap. Implanted inside the inferior vena cava (IVC) in the abdomen, it gives off an alert when it senses fluid buildup.
Fire1 CEO Conor Hanley described the company as “delighted” to add the new investors to its existing syndicate.
“Fire1’s ability to raise an oversubscribed financing from investors of this caliber is a testament to the size of the opportunity in front of us,” Hanley said. “I also want to thank our existing investors for their ongoing support. This capital will help us to achieve our mission of helping millions of heart failure patients around the world regain their normal lives.”
In connection with the financing, Aneta Sottil of Andera and Eric Snyder of Novo joined Fire1’s board of directors.
“We have been impressed by the Fire1 team and their drive to change the lives of heart failure patients,” said Sottil. “We believe they have developed a connected medical device solution that has a truly ground-breaking potential.”
Fire1 spun out from medical device incubator The Foundry. The company says it aims to “empower millions of people suffering from heart failure to get their normal lives back.”
Covidien, which Medtronic eventually acquired, contributed to Fire1’s Series A financing in 2014. Fire1 went on to raise $7.5 million in a Series B round in April 2016. In January 2018, the company completed a $49.7 million Series C financing.
