Connected health company Fire1 said yesterday it closed a $49.7 million (EU €40 million) Series C round to support further development of its novel remote monitoring system designed for heart failure patients.
The round was led by newly invested Gilde Healthcare and joined by newly invested Gimv and Seventure. All existing investors, including Medtronic (NYSE:MDT), Lightstone Ventures and New Enterprise associates joined in the round.
As part of the financing, Gilde Healthcare’s Janke Dittmer and Gimv partner Patrick Van Veneden have joined Fire1’s board of directors.
“Improving outcomes for heart failure patients remains one of the most pressing needs in 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, ” Glide Healthcare partner Dittmer said in a press release.
Fire1 said the financing will help support development of its novel remote monitoring solution designed to improve outcomes for patients with heart failure, though did not release any further details of its technology.
“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. 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 hospitalization,” Fire1 prez & CEO Conor Hanley said in prepared remarks.
In April 2016, Fire1 said its investors, including Medtronic, put up another $7.5 million for its Series B round.