Fire1, a Dublin based medical technology company, has raised €40m to further its work in remote monitoring of patients with heart failure.

The backers include both existing and new investors in Fire1 including Glide Healthcare, Seventure and Gimv. Existing investors in the firm include Lightstone Ventures, Medtronic and New Enterprise Associates.

The funding represents the next step by Fire1 in commercialisation and development of the product and will double their Irish team by the end of the year. The company currently employs 15 people.

Fire1 estimates that there are 90,000 people living with heart failure here and an estimated 26 million worldwide.

Accounting for 1.2% of the total Irish health budget, heart failure totals €158m direct cost to the Irish health service, according to Fire1. 

With an ageing population, the impact of heart failure is expected to increase substantially, it added.

"This infusion of new capital from these premier investors will enable us to accelerate our progress and deliver on our commitment to help patients with heart failure," said Conor Hanley, FIRE1 CEO and President.  

"Managing patients at home with novel digital health-enabled solutions will help intercept the trajectory of the disease and reduce the need for hospitalisation," he added.