Novo Holdings co-leads new investment in FIRE1 $25M financing
March 15, 2023
FIRE1 is a medical device company dedicated to improving outcomes for people suffering with heart failure
Proceeds will be used to accelerate the development of FIRE1’s novel remote monitoring solution to reduce hospitalizations in patients with heart failure
Copenhagen, Denmark – Novo Holdings A/S, a leading international life sciences investor, has announced it has co-led a new investment in the $25M financing of FIRE1, a medical device company dedicated to improving outcomes for people suffering with heart failure.
The financing, which was co-led with Andera Partners, provides FIRE1 with capital to accelerate the development of its novel remote monitoring solution to improve outcomes for heart failure patients.
Eric Snyder, Partner, Venture Investments at Novo Holdings and Aneta Sottil, Director, Andera Life Sciences, have joined FIRE1’s Board of Directors.
“We are delighted to add two premier healthcare investors to our existing world class syndicate”, said Conor Hanley, FIRE1’s CEO and President. “FIRE1’s ability to raise an oversubscribed financing from investors of this calibre is a testament to the size of the opportunity in front of us. This capital will help us to achieve our mission of helping millions of heart failure patients around the world regain their normal lives.”
“We have been impressed by the FIRE1 team and their drive to change the lives of heart failure patients. We believe they have developed a connected medical device solution that has a truly ground-breaking potential. With yet stronger financial backing, the team has the opportunity to deliver a market changing solution to help heart failure patients stay healthy and at home” commented Aneta Sottil of Andera Partners.
“Heart failure affects over 60 million patients worldwide and is the leading cause of hospitalization in patients over 65. Hemodynamic monitoring in heart failure has tremendous potential to improve care for patients and reduce the need for hospitalizations. We believe FIRE1 is uniquely positioned to unlock this market and we are excited to support the company in their mission to transform heart failure care” said Eric Snyder of Novo Holdings.
Headquartered in Dublin, Ireland, FIRE1 is a connected medical device solutions company dedicated to improving outcomes for people suffering with chronic diseases. Its investors include Gilde Healthcare, Gimv, the Ireland Strategic Investment Fund, Lightstone Ventures, Medtronic, New Enterprise Associates and Seventure. Its mission is to empower millions of people suffering from heart failure to get their normal lives back. The FIRE1 team is led by an experienced medical devices team who are working closely with world leading researchers, clinicians, patients and payors to help reduce the burden of heart failure. For more information, please visit www.fire1foundry.com.
For further information:
Christian Mostrup, Senior Lead, Public Relations, Novo Holdings, email@example.com, +45 3067 4805.