GLEAMER raises € 7.5 million to market A.I. platform offering radiologists semi-automated diagnosis of medical images
Paris, September 24, 2020 - GLEAMER, a French med-tech company that develops an A.I. software platform to help radiologists diagnose their patients, announces it has secured € 7.5 million in a Series A round led by XAnge, alongside new investors MACSF, Majycc eSanté Invest and Crista Galli Ventures, as well as previous investors Elaia and the state-run fund Ambition Amorçage Angels (F3A), which is managed by Bpifrance as part of its Investments for the Future Program (PIA). In addition, 37 radiologists, including Professor Nicolas Theumann, participated in this round, which is expected to boost the market launches of BoneView®, the first A.I. application in the company's software line, in Europe, the Middle East, Asia and Latin America. The funds raised will also be used to obtain the Food and Drug Administration (F.D.A.) clearance to market BoneView® in the U.S. and to keep developing GLEAMER's A.I. product line in other areas of radiology.
"GLEAMER exemplifies our investment guiding principle: making the most advanced technologies available to as many people as possible, in this case by using A.I. to help radiologists diagnose all of us patients," says Guillaume Meulle, Managing Partner of XAnge.
"We are pleased to invest in GLEAMER, alongside healthcare professionals and specialized funds that, like us, believe in A.I.'s ability to help radiologists in their daily diagnosis. GLEAMER's management team has built a solid reputation with health authorities and the medical community in the French market, which makes us confident its software platform will be adopted widely and quickly," says Stanislas Subra, Manager of Venture Capital Investments at MACSF Group.
Today, the world's emergency radiology market is worth 12 billion euros (Source: GLEAMER). The need for medical imaging has vastly increased, with more than 400 million medical images produced every year for traumatic injuries worldwide. It is the most common medical examination in emergency rooms, including in France, where 11 million medical images are produced every year for traumatic injuries (Estimates from: https://www.ccomptes.fr/fr/publications/limagerie-medicale). GLEAMER supports radiologists by providing them with an A.I. software that produces semi-automated diagnosis of traumatic injuries from medical images.
"This funding round will allow us to move forward with launching our existing software around the world and further developing our product line. Our plan is to become the partner of choice of radiologists with our A.I. software platform, which will cover all standard radiographic procedures. By providing them with semi-automated, reliable and rapid diagnosis, we enable them to improve the quality of care and their productivity," says Christian Allouche, co-founder of GLEAMER.
GLEAMER's first software, BoneView®, detects traumatic injuries in radiographic images and submits them to radiologists for final validation, thus providing health professionals with a safe, reliable, time-saving and user-friendly tool. Radiologists have to analyze more and more images every day and assisting them requires to be highly dependable. To that end, GLEAMER conducted an ambitious clinical study with BoneView®, involving 6 radiologists and 6 E.R. doctors who interpreted 600 traumatic injuries based on medical images, half of them with BoneView® and the other half without it. The cross-examination of A.I. and health professionals lowered the rate of undetected traumatic injuries by 30%, while significantly reducing the time required to analyze X-rays.
BoneView® received the CE mark for Class IIa medical devices in March 2020. Only 7 months later, the software is being used by more than 50 public and private hospitals in France (including Assistance Publique - Hôpitaux de Paris) and 800 radiologists (nearly 10% of all French radiologists).
Co-founded in 2017 in Paris by Christian Allouche, Alexis Ducarouge, Nor-eddine Regnard MD., and Nicolas Cosme, GLEAMER provides radiologists with A.I. solutions. The company aims to transform radiology through its A.I. platform capable of delivering semi-automated diagnosis of medical images. BoneView®, its first software that detects traumatic injuries in radiographic images, received the CE mark for Class IIa medical devices in March 2020 and is already used by more than 50 public and private hospitals in France, including the Hôtel Dieu and Ambroise Paré hospitals, in Paris. GLEAMER has 20 employees.
About legal counsels
GLEAMER has received counsel from the law firms Velvet Avocats; Chammas & Marcheteau; Villechenon et Degroux-Brugère, as well as 2C Finance, for audits.