UCD –based company Foundry Innovation & Research (Fire1) has raised €6.6 million from investors in a Series B funding round, the company has announced. The funding was led by existing investors including venture capital firms Lightsone Ventures and New Enterprise Associates, as well as Dublin-based medtech firm Medtronic. The company, which is developing a novel remote monitoring device, has appointed Conor Hanley as president and CEO and has hired John Britton as VP of commercial operations and Fiachra Sweeney as senior director of engineering. The firm's managing director, Mark Deem, has been appointed chairman of the board. “We are in a very strong position to accelerate the development and commercialisation of our first product," said Conor Hanley, CEO and president of the company. "This investment underscores global unmet needs in healthcare delivery, especially in predicting the onset of major diseases." Fire1 was founded through medical device company incubator The Foundry. In addition to inventing new technologies itself, The Foundry works closely with outside clinicians and inventors with promising ideas. Over the past 18 years, The Foundry has formed over 15 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.