Foundry Innovation & Research 1, Ltd. (FIRE1), a Dublin, Ireland-based medical device company, raised $7.5m in Series B financing.
Backers included existing investors Lightstone Ventures and New Enterprise Associates, as well as Medtronic.
Led by Conor Hanley as President and CEO, John Britton, Vice President of Commercial Operations, and Fiachra Sweeney, Senior Director of Engineering, FIRE1 develops a novel remote monitoring device. In conjunction with this round of financing, Foundry Managing Director Mark Deem was also appointed Chairman of the Board.
FIRE1 is the 15th medical device company founded by The Foundry, a firm founded in 1998 to turn concepts into new medical device companies.
In addition to inventing new technologies itself, The Foundry works with outside clinicians and inventors with promising ideas. Over the past eighteen years, it has formed over fifteen new companies, including Ardian (acquired by Medtronic), Cabochon Aesthetics (acquired by Ulthera/Merz), Cierra (acquired by Terumo), Concentric Medical (acquired by Stryker), Cotera, Emphasys Medical, Evalve (acquired by Abbott Labs), First to File (acquired by Mark Monitor), Holaira, Miramar Labs, Satiety, Twelve (acquired by Medtronic), XTENT (NASDAQ: XTNT), and the ophthalmic company incubator Forsight Labs. The Foundry, LLC is located in Menlo Park, California.