Medical Imaging Startup Gleamer Raises $8.7 Million

Gleamer, a developer of an AI-powered medical imaging software platform that helps radiologists diagnose their patients, secured €7.5 million (~$8.7 million) in Series A funding.

XAnge led the funding round with participation from MACSF, Majycc eSanté Invest, Crista Galli Ventures, Elaia, and Ambition Amorçage Angels (F3A) – managed by Bpifrance as part of its Investments for the Future Program (PIA).

In addition, 37 radiologists participated in Series A round, which the company says is expected to expand the market launches of its AI application – BoneView, in Europe, the Middle East, Asia, and Latin America and help obtain the FDA clearance to market BoneView in the US and keep developing AI products line in other radiology areas.

According to the company’s data, the emergency radiology market is worth €12 billion (~$14 billion) in 2020. The need for medical imaging has vastly increased, with more than 400 million medical images produced every year for traumatic injuries worldwide, the company said. Traumatic injuries are the most common medical examination in emergency rooms.

Gleamer supports radiologists by providing them AI software that produces a semi-automated diagnosis of traumatic injuries from medical images. Further, the software detects traumatic injuries in radiographic images and submits them to radiologists for final validation.

The software is used by more than 50 public and private hospitals in France (including Assistance Publique – Hopitaux de Paris) and 800 radiologists (nearly 10% of all French radiologists), the company said.

Founded in 2017, Gleamer has raised $11 million to date, including a $1.8 million Seed funding round in 2018, which was led by Elaia and XAnge. The company employs less than 50 people with an office in Paris, French.

Medical Imaging software companies raised $240 in the first half of 2020, according to the latest Mercom funding report. Recently, RapidAI, an AI-powered cerebrovascular imaging platform, raised $25 million in a Series B round led by Lennertz. Cloud-based AI-powered medical imaging platform Arterys raised $28 million in a Series C funding round led by Temasek Holdings and Benslie Investment Group.