FIRE1 closes a $25 million financing round led by new investors Andera Partners and Novo Holdings, providing capital to accelerate the development of its novel remote monitoring solution to improve outcomes for heart failure patients.
The financing was also joined by existing investors Gilde Healthcare, Gimv, the Ireland Strategic Investment Fund, Lightstone Ventures, Medtronic, New Enterprise Associates and Seventure Partners.
“We are delighted to add two premier healthcare investors to our existing world-class syndicate,” said Conor Hanley, FIRE1’s CEO and President. “FIRE1’s ability to raise an oversubscribed financing from investors of this calibre 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.”
It was also announced that Aneta Sottil, Director, Andera Life Sciences, and Eric Snyder, Partner, Venture Investments at Novo Holdings, have 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. We believe they have developed a connected medical device solution that has a truly ground-breaking potential. With yet stronger financial backing, the team has the opportunity to deliver a market-changing solution to help heart failure patients stay healthy and at home,” commented Ms. Sottil.
“Heart failure affects over 60 million patients worldwide and is the leading cause of hospitalization in patients over 65. 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,” said Mr. Snyder.