Foundry Innovation & Research 1 (FIRE1) has closed a $7.5 million Series B funding round from existing investors Lightstone Ventures and New Enterprise Associates, as well as Medtronic. The company will use the funds to continue development of its novel remote monitoring device.
In addition to announcing new funds, the company has also appointed Conor Hanley as President and CEO, and added other new senior leaders to its team including John Britton, Vice President of Commercial Operations, and Fiachra Sweeney, Senior Director of Engineering.
“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 commercialization of our first product,” Conor Hanley, FIRE1 CEO and President, said in a statement. “This investment underscores global unmet needs in healthcare delivery, especially in predicting the onset of major diseases.”
Prior to joining FIRE1, Hanley held senior management positions with ResMed, and before that – he was CEO and co-founder of BiancaMed, which commercialized a novel method to provide connected health solutions, and was acquired by ResMed in 2011. He received a PhD in Chemical Engineering from the University of Pennsylvania, an MBA from INSEAD, and a First Class Honours B.E. from University College Dublin.
John Britton, Vice President, Commercial Operations, joins FIRE1 with deep expertise in bringing innovative medical technologies to market. He also stems from ResMed, as well as McKinsey & Co. He received an MBA from the UCD Smurfit School of Business, and was a post-doctoral researcher in Trinity College Dublin’s Centre for Bioengineering, and has a First Class Honours degree in Mechanical Engineering from University College Dublin.
Finally, Fiachra Sweeney has extensive background in medical device research, development, sales and marketing. Prior to FIRE1, he was with Nypro Healthcare and before that, with Medtronic. He has a Biomedical Engineering degree from NUI Galway and an MBA from the Australian Graduate School of Business.