Gleamer Raises €27 Million in Series B Funding

Gleamer has received a €27 million infusion of Series B funding from various investors.

Co-led by Supernova Invest and Heal Capital and backed by Gleamer’s long-term partners XAnge, Elaia, Bpifrance through the funds Digital Venture and F3A from France 2030, MACSF, Crista Galli Ventures, and UI Investissement, investors also included several European radiologists. The money will enable Gleamer to expand its portfolio of solutions, strengthen its European and American teams, and accelerate its international development plans. Total funds raised to date amount to €36 million (which includes a Series A €7.5 million funding round in 2020 and €1.5 million in seed funding in 2018).

“This new round of funding will allow us to deepen Gleamer’s mission of making AI the new standard of care in radiology. Our aim is toincrease diagnostic accuracy and improve patient care and the efficiency of clinical practices for health professionals. We are delighted to have the support of Supernova Invest and Heal Capital, who not only have recognized deep expertise in this field, but also know how to support the commercial and technological development of growing companies positioned on global markets, such as Gleamer,” Gleamer Co-Founder/CEO Christian Allouche said.
 
Since its inception, Gleamer has developed a suite of AI-powered solutions for standard radiography certified as Class IIa medical devices under EU MDR and partly cleared by the U.S. Food and Drug Administration (FDA). The clinical diagnostic solutions developed by Gleamer are now recognized worldwide by the scientific community, thanks to nine publications in major medical journals. Now serving more than 6,500 users in 650 institutions in 24 countries, its solutions process more than 1 million medical examinations each month. This new funding gives Gleamer the resources to achieve its strategic roadmap, and to deploy disruptive technological solutions at scale to meet the expectations of medical staff worldwide.
 
By extending its portfolio of solutions to CT scans and mammography, Gleamer will cover 70% of radiologists’ daily (or “routine”) needs. The company aims to accelerate its international expansion, particularly in Europe and in the United States, where sales teams will be strengthened. In addition, Gleamer will extend existing strategic partnerships, while signing new large-scale partnerships with local and global players in the medical imaging field, to make Gleamer’s solutions accessible to more people.
 
“Supernova Invest is delighted to support a visionary team with unique growth potential, redefining the contours of radiology and medical imaging through disruptive technological solutions that can be deployed on a large scale. This is a company whose business and societal models, and technological challenges are in line with Supernova Invest’s DNA,” stated Rémi Spagnol, investment director at Supernova Invest.
 
“We look for investments that meet a critical market need and Gleamer is the perfect example of a company that will make an impact as it is poised to become a leader in AI-powered medical solutions and continues to innovate and advance the field of medical AI,” Heal Capital Founding Managing Partner Christian Lautner said.
 
For this venture, Gleamer sought legal and financial advice from McDermott Will & Emery AARPI and Cambon Partners (and investment bank).
 
Founded in 2017 by Allouche, Alexis Ducarouge, and Dr. Nor-eddine Regnard, Gleamer considers AI to be a key solution for addressing the sharprise in demand for medical imaging, stemming from the challenges of an aging population, the increasing prevalence of chronic diseases, and healthcare access issues. The company’s AI-powered solutions support radiologists and clinicians in their diagnoses, thereby improving reliability and reducing the time taken to read and process examinations. 
Gleamer offers a range of standard radiology solutions, including BoneView for detecting bone trauma lesions, ChestView for detecting pulmonary pathologies, BoneMeasurement for automating MSK measurements, and BoneAge for automating bone age estimation. All four solutions hold MDR class IIa CE certification in Europe. BoneView has also received FDA clearance for use in adults and children older than two, making it the first and only AI-powered solution certified for detecting bone fractures in adults and children in the United States. 
 
Supernova Invest is the leading deep tech Venture Capital firm in France, managing more than €600 million AUM. The current portfolio includes 80-plus impact startup companies that develop products and services leveraging breakthrough technologies in four transition-centric sectors: Health, Energy & Environment, Industry 4.0, and Digital Technology. For 20 years, Supernova Invest has been providing long-term capital, operating experience, and strategic support to back sustainable growth of tomorrow’s deep tech and industrial champions throughout the Venture Capital life cycle: seed, early, late and growth stages. Supernova Invest also gathers the entire deep tech value chain to support portfolio companies: industrials, corporate, research centers and co-investors. 
 
Heal Capital is a European venture capital firm investing in technology-enabled healthcare leaders at Seed & Series A stage. The €100 million fund was initiated and financed by leading private healthcare insurers to actively drive innovation in healthcare.