Flywheel, a Minneapolis, Minnesota-based medical imaging data and AI platform, has raised $54 million in a Series D funding round co-led by Novalis LifeSciences LLC and NVentures, the venture capital arm of NVIDIA.
Microsoft also participated in the round, alongside existing investors and insiders such as Invenshure, 8VC, Beringea, Hewlett Packard Enterprise, Intuitive Ventures, iSelect, Gundersen Health System, Seraph, and Great North Ventures. Faegre Drinker Biddle & Reath LLP acted as counsel to Flywheel for the financing.
The funding will support Flywheel's growth in its primary markets, which include public sector healthcare and pharmaceutical companies while accelerating expansion into other markets, such as providers, payers, system integrators, and software companies looking to leverage their data for AI development.
Additionally, the funding will help Flywheel expand its global presence, particularly in key European geographies.
“Flywheel’s products transform healthcare innovation by empowering organizations to efficiently and securely ingest, curate and share medical imaging data for accelerated research and AI development,” said Flywheel CEO Jim Olson.
Marijn Dekkers, the chairman and founder of Novalis LifeSciences and former CEO of Bayer AG and Thermo Fisher Scientific Inc., will join Flywheel's board of directors.
Company: Flywheel Exchange LLC.
Round: Series D
Funding Month: June 2023
Lead Investors: Novalis LifeSciences LLC and NVentures
Additional Investors: Microsoft, Invenshure, 8VC, Beringea, Hewlett Packard Enterprise, Intuitive Ventures, iSelect, Gundersen Health System, Seraph, and Great North Ventures
Company Website: https://flywheel.io/
Software Category: Medical Imaging Data and AI Platform
About the Company: Flywheel is a medical imaging data and AI platform powering healthcare innovation through streamlined medical imaging data management, curation and analysis. Flywheel helps organizations turn complex imaging data into analysis-ready datasets for accelerated research and AI development. Flywheel offers comprehensive solutions for pharma companies, providers, payers, system integrators, AI developers and academic medical centers to get optimum value out of their data assets. Flywheel is an Invenshure-founded company headquartered in Minneapolis, with offices in the Bay Area, St. Louis, and Budapest.