Monday 26 September 2016

Medical devices firm Fire1 raises €6.6m in funding

Published 12/04/2016 | 10:48

Paul Carty, Chairman NRPF, Jason Lettmann, Partner, LSV, Julie Sinnamon, CEO Enterprise Ireland, Mike Carusi, General Partner LSV and Richard Bruton, T.D. Minister for Jobs, Enterprise and Innovation
Paul Carty, Chairman NRPF, Jason Lettmann, Partner, LSV, Julie Sinnamon, CEO Enterprise Ireland, Mike Carusi, General Partner LSV and Richard Bruton, T.D. Minister for Jobs, Enterprise and Innovation

The UCD-based medical device firm Foundry Innovation & Research 1 (Fire1) has raised €6.6m in a Series B funding round, according to the company.

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The investment was led by the venture capital firms Lightstone Ventures and New Enterprise Associates, as well as the Dublin-based medical devices giant Medtronic.

Fire1 says that it is developing a "novel remote monitoring device".

The company has also appointed Conor Hanley as chief executive and has hired John Britton as head of commercial operations and Fiachra Sweeney as director of engineering. The firm's managing director, Mark Deem, has been appointed chairman of the board.

“We are in a very strong position to accelerate the development and commercialisation of our first product,” said Conor Hanley, chief executive of the company.  “This investment underscores global unmet needs in healthcare delivery, especially in predicting the onset of major diseases.”

Hanley previously held senior management positions with ResMed, including leading the company’s chronic disease management solutions division. Britton also joins from ResMed, where he was involved with the commercialisation of a non-contact sensing technology.  He was also previously employed with consultancy firm McKinsey.

 

 

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