Therapixel raises €15M Series B financing
Fraser has acted as financial advisor to Therapixel SA, a provider of AI-powered medical imaging software, on its EUR 15M Series B financing led by Crédit Mutuel Innovation and CapHorn, and joined by Verve Ventures, Sham Innovation Santé and historical investors Omnes, IT-Translation, M-Capital and Région Sud Investissement.
This fundraising will enable Therapixel to accelerate its commercial presence in the United States, launch more unique features for MammoScreen, and push even further the boundaries of its intelligent reading aid for mammography.
Paris, Nice, and Chicago - 12 May 2022. Therapixel, designer and supplier of MammoScreen® an Artificial Intelligence software reading aid for mammography, announces today fundraising of 15 M€ in series B. This operation was led by Crédit Mutuel Innovation and CapHorn, joined by Verve Ventures, Sham Innovation Santé and historical investors Omnes, IT-Translation, M-Capital and Région Sud Investissement. This fundraising will enable Therapixel to accelerate its commercial presence in the United States, launch more unique features for MammoScreen, and push even further the boundaries of its intelligent reading aid for mammography.
Armed with two FDA regulatory clearances in the United Stated for both 2D and 3D (tomosynthesis) mammography, MammoScreen is already being deployed across large networks of breast cancer screening clinics. MammoScreen uses a unique score, MammoScreen Score™ to signal at a glance the level of suspicion of a mammogram. This makes it possible to confirm the lesions that are certain and to save precious time with a faster reading of benign cases. Radiologists can thus feel more confident in their decision and spend more time on difficult cases that require more attention.
Matthieu Leclerc-Chalvet, Chief Executive Officer of Therapixel states: “We are very satisfied to close this new round of financing with investors active in the field of digital health. These funds will allow us to grow our American team with new sales and support people and to ramp up our commercial activities. With an already strong pipeline, Therapixel is poised for significant growth and will have a decisive impact on breast cancer screening.”
Pierre Fillard, Chief Scientific and Technology Officer and Founder of Therapixel continues: “This is a major step for Therapixel and I am proud of the achievements of our teams in collaboration with radiologists partners. We will accelerate the launch of a new generation of AI that will allow women to benefit from an earlier detection with less anxiety and radiologists to be assisted in the ever-growing demand for imaging. We will also advance the regulatory and clinical developments that will solidify our leading position as the AI solution of choice for radiologists reading mammography”.
Jérôme Féraud, Director of healthcare investments and Tanguy Besson, Associate at Crédit Mutuel Innovation, continue : “Beyond the technological performance of the solutions developed by Therapixel, it became obvious for us to support the deployment of MammoScreen that helps improve breast cancer detection, at a time when women are in a particularly stressful situation. The overall ergonomic of the solution brings the radiologists a valuable image analysis tool that allow them to optimize their time and focus their expertise on the specifics of the case.”
François Santi, Principal at CapHorn continues : “We are very pleased to support Therapixel in this new round of strategic investment, in collaboration with several experienced investors in the field of digital health. We followed Therapixel for several months and were impressed by the capability of execution of the team and their achievements during this period. We are very happy to support Therapixel’s commercial expansion in the United States, and help the company establish a new standard in breast cancer detection.”
With this new round, Therapixel has raised more than 20 M€ since its founding in 2013.
The following council and advisor helped with this round:
Legal counsel: JonesDay – Renaud Bonnet
Financial advisors: Fraser Finance – Olivier Koechlin and Deborah Herst
Neliya Tumbeva (Therapixel) – firstname.lastname@example.org
Louisa Mesnard (IT-Translation) – email@example.com
Véronique Richez-Lerouge (Crédit Mutuel Innovation) – firstname.lastname@example.org
Aurélie Blanchard-Massoni (Omnes Capital) email@example.com
Valérie Roché-Melin (Région Sud Investissement) – firstname.lastname@example.org
Therapixel is a French company specialized in the design and commercialization of AI-powered medical imaging software, with the goal of delivering pertinent information at the right time to healthcare professionals. Winner of the Digital Mammography DREAM Challenge in 2017, the global competition on breast cancer detection with AI, Therapixel has developed MammoScreen®, a software that helps with the interpretation of screening 2D and 3D mammograms. With MammoScreen, even experienced radiologists can improve their performance, feel more confident in their judgment, and reassure women quicker. Find more at www.mammoscreen.com.
CapHorn is a Paris-based VC firm investing in innovative companies across Europe, focusing on Healthtech, Sustainability, and Enterprise software. We partner with outstanding entrepreneurs and commit investments from € 1M to € 15M in high growth companies, from early to late stage. CapHorn has an active portfolio of 50 companies and supports their development by leveraging its extensive network of business leaders. The firm, established in 2011, is part of the Anaxago Group. CAPHORN: TRUST, FUNDING, NETWORK. Find more on: caphorn.vc.
About CreditMutuel Innovation
Crédit Mutuel Innovation is Credit Mutuel Equity (3.5 B€ managed capital) subsidiary specialized in venture capital investments. Crédit Mutuel Innovation invests its own funds in tickets of 1 to 20 M€, in innovative digital, life science and deeptech companies.
Crédit Mutuel Innovation allows entrepreneurs to develop their growth potential by connecting them to other companies in their ecosystems. Because it takes more than 5 years to create a global leader, Crédit Mutuel Innovation invests in the long term its own funds and builds long term relationships with the entrepreneurs it supports www.creditmutuel-equity.eu.
Omnes is a leading private equity and infrastructure investor. With over €5 billion in assets under management, it provides companies with the capital they need to fund their growth, in three key areas: venture capital, growth & buyout capital and infrastructure. Omnes is wholly owned by its employees. It is committed to ESG factors and has founded the Fondation Omnes to fund initiatives in favor of children and young people. It is a signatory to the United Nations Principles for Responsible Investment (PRI). www.omnescapital.com.
IT-Translation is now part of Elaia. Elaia is a European top-tier VC firm with a strong tech DNA. We back tech disruptors with global ambition from early stage to growth development. For the past 20 years, our commitment has been to deliver high performance with values. We are proud to have been an active partner in over 100 startups including success stories such as Criteo (Nasdaq), Orchestra Networks (acquired by Tibco), Volterra (acquired by F5), Mirakl (valued $3.5B in Series E) and Shift Technology (valued $1B+ in Series D). Learn more www.elaia.com.
About M/Capital Partners
M/Capital Partners is a French asset management company which mobilizes mixed, private, and governmental funding to invest into companies and into real estate to foster the creation of new growing, resilient and inclusive values. M/Capital believes that entrepreneurs are in a unique position to transform the world we live in. Therefore, M/Capital backs men and women who work to empower people, to foster cohesion and to preserve our planet. M/Capital Group has more than €800 millions under management across four divisions (Real Estate, Venture Capital, Private Equity and Private Debt) and relies on 65 talents located in Paris, Toulouse, Marseille, Montpellier and Nice (France). www.mcapital.fr.
About Région Sud Investissement
Région Sud Investissement is the regional investment company created in 2010 by the South Region to support the emergence and development of growth companies. Région Sud Investissement, with a capital of €146M, receives 42% of its capacity from the European Union through the ERDF fund. It has invested in 335 companies so far and plans to launch a new equity fund called “RSI React Eu” for growth companies who were impacted by the sanitary crisis. www.regionsudinvestissement.com.
About Verve Ventures
Verve Ventures is a network and technology-driven venture capital firm based in Switzerland. Founded in 2010 by Steffen Wagner and Lukas Weber, Verve Ventures has grown to more than 45 team members and has become one of the most active venture investors in Europe with over 140 science and technology-driven startups in its portfolio. A dozen investment professionals identify the most promising digital, tangible and health & bio startups. Selected private and institutional investors get access to investment opportunities through a digital platform. The company invests EUR 0.5 million to several million from Seed Stage onward in startups across Europe. Verve Ventures’ dedicated team helps startups with their most pressing needs such as hiring, client introductions and an expert network of high-profile individuals. To join Verve Ventures’ growing pan-European community of entrepreneurs and investors, visit verve.vc.
We are a dedicated M&A advisory and investment firm, partnering with leaders in Europe’s technology sectors to unlock next levels of growth and success. Based in Berlin, London and Chicago, we advise entrepreneurs, senior management and boards on their most important strategic decisions and transactions. Alongside our clients and partners, we also invest into selected opportunities. For further information, please visit www.fraserfinance.com.