FIRE1 Raises EUR 40 Million In Series C Financing
Foundry Innovation & Research 1, Ltd. today announced the close of a Series C financing totaling EUR 40 Million. The financing was led by new investor Glide Healthcare, with the participation of new investors Gimv and Seventure and all existing investors, including Lightstone Ventures, Medtronic, and New Enterprise Associates. It was also announced that Janke Dittmer, partner at Gilde Healthcare, and Patrick Van Beneden, partner at Gimv, have joined FIRE1’s Board of Directors.
The financing provides FIRE1 with capital to further advance its novel remote monitoring solution to improve outcomes for heart failure patients. Nearly six million Americans live with heart failure, a number that is expected to increase to more than eight million by 2030. Globally, it is estimated that at least 26 million people suffer from heart failure, and the burden is particularly high for older patients. It is the leading cause of hospitalization for people over 65, with annual treatment costs exceeding $31 billion in the U.S. alone. With an aging population, the impact of heart failure is expected to increase substantially.
“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,” said Conor Hanley, FIRE1 CEO and President. “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.”
“Improving outcomes for heart failure patients remains one of the most pressing needs in healthcare,” said Janke Dittmer, partner at Gilde 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.”