Primaa Secures €2 Million Seed Funding to Accelerate Development of AI-Powered Automated Pathology Diagnostic Tools

On October 16, 2019, VCBeat (WeChat official account: vcbeat) learned that Primaa, a French healthtech startup, announced the completion of a €2 million seed financing round. The round was led by Bpifrance and AngelsSanté, with participation from Entrepreneurs Investis and 50 Partners.

Primaa stated that this round of financing will be used to accelerate the development of its automated diagnostic products for pathology.

Primaa, established in 2018, is a health-tech startup headquartered in Paris, France. The company’s core business focuses on developing software tools powered by artificial intelligence (AI) and deep learning. These tools provide healthcare professionals with immediate and precise initial diagnostic data through automated analysis of samples. In collaboration with various medical institutions and healthcare providers, Primaa has amassed a database containing millions of medical images. By digitizing these images and leveraging AI technology, Primaa is ultimately able to identify and diagnose various pathologies associated with tissue damage.

Currently, Primaa is developing its first tool for the diagnosis of breast cancer. Regarding future development directions, Primaa stated that it has established partnerships with several anatomical pathology departments in France and plans to expand its scope to other disease areas, including gastroenterology, urology, and dermatology.

Hôpitaux Robert Schuman (Luxembourg Hospital) recently announced that it will pilot an AI-powered radiological image analysis solution based on the BioMind diagnostic tool, which leverages artificial intelligence and deep learning to analyze neurological disorders. The UK government has invested over €57.3 million to support NHS diagnostic services and advance AI-driven digital pathology and imaging, thereby accelerating disease diagnosis. This underscores the significant medical value and promising prospects of Primaa’s research and development in automated diagnostic products.

Fanny Sockeel, CEO of Primaa, stated, “The diagnostic software developed by Primaa can rapidly diagnose the most common pathologies, thereby saving pathologists’ time and enabling them to meet the growing demand for diagnostics. The current goal is to firmly establish Primaa’s diagnostic software as the benchmark AI-assisted diagnostic tool for pathology laboratories, clinics, and hospitals worldwide.”

Bruno Villeneuve, Investment Director at Bpifrance, also stated, “We are very proud to participate in this ambitious seed funding round and support the development of Primaa. The project being undertaken by this outstanding interdisciplinary team holds tremendous potential to leverage AI in serving healthcare practitioners and assisting them in cancer diagnosis.”

Bpifrance, established in 2012, is a French company that primarily provides financial solutions to its clients, such as equity and credit financing from startup to IPO. From seed stage to initial public offering (IPO), and further to equity-linked credit facilities, Bpifrance offers tailored financing solutions for every stage of a company’s lifecycle.

AngelsSanté is a French investment firm focused on the healthcare and medical sectors. AngelsSanté provides capital and expertise to high-potential startups to support their launch and growth. To date, AngelsSanté has invested in more than 50 startups worldwide.

Entrepreneurs Investis, established in 2003, is an independent fund management company based in France. Currently, it manages €4 billion in assets under multiple mandates. The firm employs 40 professionals and maintains offices in Paris, Madrid, and Singapore.

50 Partners is a French investment firm founded by a group of seasoned entrepreneurs (from companies such as BlaBlaCar, LeBonCoin, and PriceMinister), primarily providing funding and technical guidance to select startups worldwide.

(Compiled by: Wang Fang)