Foundry Innovation & Research 1, Ltd’s €40 million Round Funding


Goodwin advised Gilde Healthcare, Gimv and Seventure in the deal

Foundry Innovation & Research 1, Ltd. (“FIRE1”), today announced the close of a Series C financing totaling EUR 40 Million

($48.5 Million). The financing was led by Gilde Healthcare with the participation of Gimv, Seventure, New Enterprise Associates, Lightstone Ventures and Medtronic. It was also announced that Janke Dittmer, partner at Gilde Healthcare has joined FIRE1’s Board of Directors.

The financing provides FIRE1 with capital to further advance remote monitoring to improve outcomes for heart failure patients. Managing patients at home with novel digital health-enabled solutions will help intercept the disease trajectory and reduce hospitalizations. Nearly six million Americans live with heart failure, a number that is expect to increase to more than eight million by 2030. Globally, it is estimated that at least 26 million people suffer from heart failure, and the burden is particularly high for older patients. It is the leading cause of hospitalization for people over 65, with annual treatment costs exceeding $31 billion in the U.S. alone. With an aging population, the impact of heart failure is expected to increase substantially.

Headquartered in Dublin, Ireland, FIRE1 is a connected medical device solutions company dedicated to improving outcomes for people suffering with chronic diseases. Its first product is a novel remote monitoring solution to improve outcomes for Heart Failure patients.

Gilde Healthcare is a specialized European healthcare investor managing two business lines: a venture & growth capital fund and a lower mid-market buy-out fund. Gilde Healthcare’s venture & growth capital fund invests in medtech, diagnostics, digital health and therapeutics. The portfolio companies are based in Europe and North America.

The Goodwin team was led by partner Michael Bison (Picture) and included associates Lauren Schoeffler and Caryn Davies.

Involved fees earner: Michael Bison – Goodwin Procter; Lauren Schoeffler – Goodwin Procter; Caryn Davies – Goodwin Procter;

Law Firms: Goodwin Procter;

Clients: Seventure Partners; Gimv NV; Gilde Healthcare;

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Author: Ambrogio Visconti