Stealthy Irish medical device startup Fire1 said today that its investors, including Medtronic (NYSE:MDT), put up another $7.5 million for its Series B round.
Dublin-based Fire1, a spinout from medical device incubator The Foundry, also said it tapped former ResMed (NYSE:RMD) executive Conor Hanley to be its president & CEO and added another pair of senior leaders.
Fire1 said it’s developing a “novel” remote monitoring device but provided no other details about its technology. Lightstone Ventures and New Enterprise Assoc. also participated in the Series B round, the company said.
“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 commercialization of our first product,” Hanley said in prepared remarks. “This investment underscores global unmet needs in healthcare delivery, especially in predicting the onset of major diseases.”
Fire1 also tapped another ResMed veteran, John Britton, as commercial operations vice president and named Fiachra Sweeney senior director of engineering. Foundry managing director Mark Deem was made chairman, the company said.
Covidien, which Medtronic acquired for $50 billion last year, got in on Fire1’s Series A round in early 2014.
The Menlo Park, Calif.-based Foundry has spun out a raft of medtech firms, including Ardian (acquired for $800 million in 2010 byMedtronic (NYSE:MDT)); Concentric Medical (for which Stryker (NYSE:SYK) paid $135 million in 2010); and Evalve (acquired by Abbott (NYSE:ABT) for $410 million in 2009). Fire1 is the incubator’s 15th spinout.
