Foundry Innovation & Research 1, Ltd. announced that it has received $120 million in a round of funding co-led by new investors Elevage Medical Technologies and Polaris Partners L.P. on January 7, 2025. The transaction included participation from new investors Sands Capital Management, LLC, Ireland Strategic Investment Fund, Longitude Capital Management Co., LLC, returning investors Gilde Healthcare Partners B.V., Andera Partners, Gimv NV, Medtronic plc, New Enterprise Associates, Inc., Novo Holdings A/S and Seventure Partners. Elevage Medical Technologies, Polaris Partners L.P.Ireland Strategic Investment Fund has invested $22 million.

Ellie McGuire, Partner from Polaris Partners L.P., and Michael Wasserman Elevage Medical Technologies will join board of directors. The company has received $213 million in funding till date