FIRE1, a provider of connected heart failure management medical device system, announced the completion of a $120 million financing round to accelerate the company’s mission to transform the lives of millions of people living with heart failure.
Polaris Partners and Elevage Medical Technologies co-led the funding round with participation from Sands Capital and Longitude Capital, and existing investors Andera Partners, Gilde Healthcare, Gimv, the Ireland Strategic Investment Fund, Lightstone Ventures, Medtronic, NEA (New Enterprise Associates), Novo Holdings, and Seventure Partners.
In addition to the financing, FIRE1 also announced that it has received Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) and has been accepted into the FDA’s Total Product Lifecycle Advisory Program (TAP).
As part of the investment, the company also welcomed Ellie McGuire, Partner at Polaris Partners, and Michael Wasserman, COO at Elevage Medical Technologies, to its Board of Directors.
Commenting on the funding announcement, Conor Hanley, CEO and President of FIRE1 said: “FIRE1 has developed a solution to one of healthcare’s most pressing challenges: providing scalable ways to manage the disease of chronically ill patients and prevent the need for frequent hospitalizations.”
“The Norm™ heart failure self-management system is a first-of-its-kind innovation that empowers patients to take greater control of their health. We believe this represents a paradigm shift in chronic disease management,” added Conor Hanley.