Fire1, a Ireland-based therapeutic devices startup being launched by The Foundry medical device incubator, is raising undisclosed amount of series A funding from Covidien plc, an Ireland and US-based healthcare products company, together with venture capital firms Lightstone Ventures and New Enterprise Associates.
Stacy Enxing Seng, President, Vascular Therapies, Covidien, who joins Fire1’s Board of Directors, said: “Broadening our innovation focus is a key component of Covidien’s strategy, and we believe this partnership can help us to bring inspired, clinically relevant and cost-effective new treatment options to market. Partnering early with key venture firms and The Foundry gives us unique insight into some of the most innovative, early stage technologies.”
Mark Deem, Managing Partner of The Foundry and chief executive officer of Fire1, said: “Fire1 will be our first company created in Ireland, a region that has evolved into one of the leading clusters for medical devices globally. We are excited to be collaborating with Covidien as well as our venture partners, Lightstone and NEA to launch this first-of-its-kind company.”