- Implicity has raised €35 million in growth funding, with IRIS and Five Arrows as the lead investors.
- There has been a 26 per cent reduction in patient mortality, which can be tied to the company’s AI platform for cardiac monitoring.
- The company, which is based in Paris and Cambridge, Massachusetts, intends to use the funds it has received to carry out its expansion in the United States and to seek potential acquisition opportunities.
Arnaud Rosier looked after patients with pacemakers and implantable defibrillators for many years and observed that the number of alerts from the devices was increasing faster than the clinics could handle.
“I didn’t become a doctor in order to deal with data. I became one so that I could treat patients,” he stated in connection with the €35 million funding round received by Implicity. Nine years after founding the company to address this issue, he still works part-time as an electrophysiologist while running Implicity.
The investment round was led by IRIS, a growth investor which has offices in Paris, Berlin and Munich, in association with Five Arrows, a firm that is part of Rothschild & Co.’s alternative assets division.
Implicity’s total amount raised since 2016 has now reached approximately $69 million, including the previously announced $28.57 million. This sum comprises the $23 million Series A raised in April 2022 with Crédit Mutuel Innovation and Bpifrance.
Solving the data challenges he saw firsthand
Rosier holds a PhD in knowledge engineering, with a special focus on applying AI to the life sciences, in addition to his medical training. He stated that Implicity was started to solve his own problem as a physician.
Twenty years ago, he told Tech Funding News that cardiac devices had begun generating more data than doctors could cope with, and that he applied his computer science skills to address the issue.
As a result, two major AI products were developed using a data platform which collects information from five device manufacturers and from hospital records.
The first of these, Signal HF, can predict which patients may require hospitalisation by combining device data with France’s Health Data Hub, a national database specific to the country’s single-payer system. Signal HF was given FDA approval about two years ago, having previously received clearance in 2022 for a different algorithm used to analyse ECGs.
The second product, which Rosier refers to as productivity AI, eliminates false alarms by taking into account a patient’s medication history and clinical records.
Rosier notes that, in the United States, Implicity’s competitors generally assist clinics in reviewing device data but do not develop their own medical AI. Among them are Murj and PaceMate, which have raised $8.5 million and $8 million, respectively, amounts significantly lower than Implicity’s.
With regard to Europe, he states that no other company is on a par with Implicity in terms of AI capabilities and considers it the leading company in the area.
A growth fund backs US and German expansion
Rosier makes it clear that even though Five Arrows is referred to as Rothschild & Co.’s alternative assets arm, this is not a private equity transaction.
“We aren’t really in the private equity business,” he tells TFN, pointing out that Implicity deliberately avoided giving up a majority stake and chose its investors for their experience in scaling European companies in the United States.
The funds raised will enable Implicity to acquire smaller firms, expand its presence, and establish commercial teams in the United States and Germany. Rosier describes the United States as a huge market but one which is very difficult to enter.
Implicity currently has around 120 to 125 employees, including 15 in the US, four in Germany and the rest in France. A number of these new employees were hired before the funding round.
Nicolas Herschtel, a partner at IRIS and former board member of the French healthtech unicorn Doctolib, stated, “In the evolving healthtech landscape, long-term success requires a rare combination of robust technology, strict regulatory clearance, and undeniable clinical utility. Implicity has proven to be a highly trusted partner to complex health systems because its platform directly addresses the administrative and operational crisis facing hospital workforces today.”
François-Xavier Lehman, director at Five Arrows, added, “Implicity is a rare company where clinical superiority, regulatory credibility and genuine patient impact come together at scale. By turning fragmented cardiac data into action, it improves outcomes for patients while relieving the operational pressure on hospital teams.”
The global market for remote cardiac monitoring was valued at around $4.1 billion in 2024 and may grow to $12 billion by 2034. Rosier cautions that Europe might fail to benefit from this growth.
“We really do need AI in healthcare, but it is far more difficult to establish a proper market,” he concludes, saying that companies such as his can continue to develop valuable tools for doctors.
