Foundry Innovation & Research 1 (Fire1), the Ireland-based developer of a remote patient monitoring system, has closed a $7.5m series B round featuring medical device maker Medtronic.
The round also included venture capital firms Lightstone Ventures and New Enterprise Associates, both of which took part in Fire1’s January 2014 series A round, which included Covidien, the medical device manufacturer acquired by Medtronic in early 2015.
Launched in January 2014, Fire1 is the 15th startup to be launched by US-based medical device incubator The Foundry. Based at NexusUCD, the industry partnership centre of University College Dublin, it is still in stealth but is working on a remote patient monitoring system.
Conor Hanley, president and CEO of Fire1, said: “With the support from these premier investors, the strength of our newly expanded leadership team, and the Irish government aggressively pushing the connected health ecosystem, we are in a very strong position to accelerate the development and commercialisation of our first product.
“This investment underscores global unmet needs in healthcare delivery, especially in predicting the onset of major diseases.”