Startup focused on heart failure monitoring raises $25M with help from Novo Holdings, Medtronic
FIRE1, an Irish healthcare technology company, has closed a financing round worth $25 million. The round was led by two new investors, Novo Holdings and Andera Partners. Several existing investors, including Medtronic, also participated.
The startup has said the financing will go toward accelerating the development of its heart failure monitoring technology, an implant that communicates information directly to clinicians.
FIRE1’s heart failure solution is still being investigated. The FUTURE-HF trial, a first-in-human study designed to assess 50 heart failure patients treated with the device for three months and then follow them for a total of 24 months, is now enrolling patients.
“We are delighted to add two premier healthcare investors to our existing world-class syndicate,” Conor Hanley, FIRE1 CEO and president, said in a prepared statement. “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. 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.”
“Heart failure affects over 60 million patients worldwide and is the leading cause of hospitalization in patients over 65,” added Eric Snyder, a partner in the venture investments division at Novo Holdings. “Hemodynamic monitoring in heart failure has tremendous potential to improve care for patients and reduce the need for hospitalizations. We believe FIRE1 is uniquely positioned to unlock this market and we are excited to support the company in its mission to transform heart failure care.”
Snyder and Aneta Sottil, director of the Andera Life Sciences team at Andera Partners, are also now official members of FIRE1’s board of directors.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.