FIRE1, a connected medical device solutions company based in Dublin, has raised €115 million ($120M USD) in financing to support the development of its groundbreaking heart failure management system.
The funding round was led by Polaris Partners and Elevage Medical Technologies, with participation from new investors, including Longitude Capital and Sands Capital, alongside existing backers.
Transforming Heart Failure Management
FIRE1 is developing the Norm system, an implantable sensor designed to monitor and manage fluid buildup in patients with heart failure. The minimally invasive device provides earlier detection of fluid overload, a common cause of hospitalization for heart failure patients.
Unlike current technologies that measure fluid retention indirectly, FIRE1’s system focuses on fluid volume in the inferior vena cava (IVC), allowing patients and physicians to address issues proactively and reduce hospital visits.
The system is designed for at-home use, mirroring the impact of continuous glucose monitors in diabetes care.
CEO Conor Hanley highlighted the company’s mission:
“Our goal is to empower millions of heart failure patients to take control of their condition, improving outcomes and quality of life through advanced monitoring technologies.”
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Recent Milestones
- FIRE1 received FDA Breakthrough Device Designation and acceptance into the Total Product Lifecycle Advisory Program (TAP).
- The first Irish patient was implanted with the system as part of the FUTURE-HF study at University Hospital Galway, a trial aimed at evaluating the device’s impact on patient health.
Addressing a Global Health Challenge
Heart failure affects over six million people in the United States alone and is the leading cause of hospitalization among individuals aged 65 and older. FIRE1’s solution seeks to address this critical healthcare need, offering early intervention and reducing healthcare costs.
Backed by Leading Investors
FIRE1’s investors include Andera Partners, Gilde Healthcare, Gimv, Novo Holdings, and others, underscoring strong confidence in the company’s technology and mission.
With this funding, FIRE1 is poised to complete pivotal clinical trials and bring its innovative heart failure management solution to patients worldwide.
