Irish medtech Fire1 received $25 million for cardiac monitoring technology.

The oversubscribed funding round comes a month after Fire1 implanted its sensor device in the first heart failure patient in the UK.

Dublin-based medtech Fire1 has raised $25m to increase the pace of development of its heart monitoring device.

Based in DCU Alpha, Fire1 has developed an implantable sensor that can help clinicians to remotely monitor patients suffering from heart congestion and failure.

While still pending approval for clinical use, the Fire1 device – which is the size of a pen lid – is currently undergoing clinical trials to test the safety and effectiveness of the technology. Last month, a heart failure patient in the UK became the first person to be implanted with the sensor.

The business earlier raised $7.5 million in a Series B round in 2016 and then raised €40 million in a Series C round in 2018 to develop this sensor. Novo Holdings and Andrea Partners took the lead in the most recent round. Medtronic, a US-based manufacturer of medical equipment, allegedly also backed Fire1.

In December, Fire1 was given the Irish Medtech Association’s Emerging Medtech Award.

At the annual AI Awards in November 2021, the startup received a prize for the best application of cognitive AI and robotic process automation.