Month: February 2023

Avicenna.AI raised nearly $10 million

Posted on by Valentin Poitou

Read the original article on the Avicenna.AI website.

 

 

The company, which specialises in artificial intelligence and medical imaging, has raised a total of $10 million as part of its global expansion.

 

On Wednesday 8 February 2023, Avicenna.AI, a company specialising in the use of AI in medical imaging, announced today that it had secured total funding of nearly 10 million dollars. This funding round was backed by existing investors Innovacom and CEMAG Invest. The funds will be used to accelerate the global roll-out of Avicenna.AI’s solutions and to diversify the company’s offering into new, highly sought-after areas of medicine.

 

“Last year was a pivotal year for Avicenna.AI, with significant growth in the roll-out of our solutions worldwide, coupled with very positive feedback from users,” says Cyril Di Grandi, co-founder and CEO of Avicenna.AI. “We have laid the groundwork to accelerate the expansion of our offering into new areas of medicine. We have finally secured our first patents, which will enable us to consolidate our position as a leader in the field, with a disruptive approach to the use of deep learning in clinical decision-making. This new investment reflects the continued confidence of our investors and means we are poised to become a dominant force in healthcare AI. ”

 

During 2022, Avicenna’s AI solutions were deployed in more than 140 hospitals across 14 countries on three continents. The company is now ready to take the next step in 2023, and plans to roll out the solutions to at least 30 new sites every month this year.

 

At the same time, Avicenna’s R&D efforts will complement the four FDA approvals and the six CE markings already granted for its products. The company’s FDA-approved and CE-marked tools for neurovascular and thoraco-abdominal conditions are seamlessly integrated into the clinical workflow, automatically triggering and communicating algorithm results via the systems already used by radiologists.

 

 

About Innovacom

 

Innovacom is a pioneer in innovation capital in France. Since 1988, it has invested nearly one billion euros, supported more than 300 digital and high-tech start-ups, participated in more than 20 initial public offerings and completed more than 150 industrial divestments.

 

The team, which has extensive experience in high technology, has contributed to several recent successes across a range of sectors and boasts a strong track record, including unicorns such as Heptagon and Soitec.

 

Today, Innovacom supports innovative industrial projects and high-potential disruptive technologies by providing them with funding, advice and support. Its partnership with the Turenne Group has given rise to one of France’s leading independent private equity firms, with a platform of €1.5 billion under management. With offices in Paris and Marseille, Innovacom Gestion is authorised by the Autorité des Marchés Financiers.

 

 

About Cemag Invest

 

Cemag Invest is a company specialising in healthcare and technology, with the aim of creating added value for patients. In particular, Cemag Invest has invested in Wandercraft and Diabeloop, and, alongside Innovacom, in Aryballe Technologies.

 

 

Joffe & Associés (Thomas Saltiel, Paddy Pascot and François Galéa) advised all parties involved in this transaction.

Avicenna.AI brings total investment to $10 million and targets global growth

Posted on by Valentin Poitou
Original article by Avicenna.AI here.

Medical imaging AI company brings total investment to $10 million and targets global growth

 

Marseille, FRANCE – February 8, 2023 – Medical imaging AI specialist Avicenna.AI today announced it has secured a Series A funding round, bringing aggregated investment in the company close to $10 million. The round was backed by existing investors Innovacom and CEMAG Invest.

 

The new funds will be used to scale up deployment of Avicenna.AI’s solutions across the world and to diversify the company’s offering into new areas of medicine.

 

 

“Last year was pivotal for Avicenna.AI, with huge growth in the deployment of our solutions around the world, and very positive feedback from our partners and users alike,” said Cyril Di Grandi, co-founder, and CEO of Avicenna.AI. “We have created the conditions to accelerate the extension of our portfolio within our emergency suite but also outside our initial scope. We have finally obtained the first patents that will allow us to consolidate our position as a leader in the field with a disruptive approach to the use of deep learning in therapeutic decision-making. This new investment reflects the continued confidence of our investors and signifies our readiness to become a dominant force in healthcare AI.”

 

Avicenna.AI provides healthcare AI solutions that use deep learning to identify, detect and quantify life-threatening pathologies from CT medical images. Using a combination of deep learning and machine learning technologies, the company’s solutions automatically detect and prioritize emergency cases within seconds, and assess them for severity, before seamlessly alerting radiologists.

 

Avicenna.AI’s unique business model is based on an asset-light, R&D powerhouse expertise, generating rapid business growth potential through already signed commercial partnerships with leading market actors in the US, Europe and Asia.

In a successful year for the company, 2022 saw Avicenna’s AI solutions rolled out to more than 140 hospitals in 14 countries across three continents. The company is now ready to scale up in 2023, and expects to deploy at least 30 new sites every month this year.

 

In parallel, Avicenna’s R&D efforts will add to the four FDA and six CE mark approvals already awarded to its products. The company’s FDA-cleared and CE-Marked tools for neurovascular and thoraco-abdominal pathologies are seamlessly integrated within the clinical workflow, automatically triggering and reporting algorithm results through the systems already used by radiologists.

 

About Innovacom

 

Innovacom is a pioneer in innovation capital in France. Since 1988, it has invested nearly €1 billion, supported more than 300 digital and high-tech startups, participated in more than 20 IPOs and completed more than 150 industrial divestments.

The team, which benefits from a long experience in high-tech, has contributed to several recent successes in multiple sectors (telco, healthcare, mobilityì, energy…) and has a solid track-record including unicorns like Heptagon or Soitec.

Today, Innovacom supports innovative industrial projects and high-potential disruptive technologies by providing financing, advice and support. Its association with the Turenne Group has givenì birth to one of the leading independent private equity firms in France with a platform of €1.5 billion under management. With offices in Paris and Marseille, Innovacom Gestion is licensed by the Autorité des Marchés Financiers.

 

About Cemag Invest

 

Cemag Invest is a family office dedicated to healthcare and technology, with a focus on adding value to patients. Cemag Invest has notably invested in Wandercraft, Diabeloop, and alongside innovacom in Aryballe Technologies.

IP Newsletter “Global assignment of future works of an employee: towards a pragmatic approach”

Posted on by Valentin Poitou

Download newsletter here.

 

GLOBAL ASSIGNMENT OF FUTURE WORKS OF AN EMPLOYEE: TOWARDS A PRAGMATIC APPROACH

 

In principle, apart from certain exceptions such as software, there is no automatic devolution of the economic rights of an employee author to his employer. Thus, when an employee creates a work of the mind (logo, photograph, text, etc.), within the framework of the execution of his employment contract, it is he, and not the employer, who benefits ab initio from the copyright on the work created. In order to allow the employer to peacefully exploit the various creations of his employees, it is necessary to formalize a transfer of the economic rights (while respecting a certain formalism).

 

In practice, two difficulties are regularly raised, as the law is not in line with the operational reality of companies: (i) the prohibition of the global transfer of future works (article L. 131-1 of the CPI) and (ii) the remuneration of the employee for the transfer of the economic rights of the author, which in theory must be distinct from his salary.

 

In a decision dated January 25, 2023 (RG 19/15256), the Paris Court of Appeal confirms a pragmatic position that provides companies with a certain legal certainty.

 

In this case, an employee (stylist and artistic director) criticized her employer for not having paid her for the economic rights related to the exploitation of her works in the context of collaborations between her employer and other companies. She claimed in particular that the assignment clause contained in her employment contract was null in that it was a global assignment of future works and that it was devoid of financial consideration.

 

 

1) The Court of Appeal validates the clause of transfer of works “as they are created

 

Because of the rule of the prohibition of global assignment of future works, a rather cumbersome mechanism should, in theory, be put in place by employers, consisting in regularly concluding written reiterations of copyright assignments with their employee authors. In addition to the burden of this cumbersome process, the employee may change his/her mind and not ratify such documents.

 

In order to circumvent this prohibition, which is clearly unsuited to the business world and the volume of creations, practitioners usually insert a clause providing for the transfer of works, in connection with the employee’s mission, “as and when” they are created.

 

The Court of Appeal confirms the validity of such a clause on the grounds that “[…] it limits the scope of the assignment to determinable and individualizable works, namely those created by the employee within the framework of the employment contract and as and when these works are created”.

 

This decision is thus welcome in that it confirms a flexible interpretation of article L. 131-3 of the CPI. This solution could perfectly apply to regular orders made to non-salaried authors.

 

 

2) The Court of Appeal seems to validate the absence of distinction between salary and copyright remuneration

 

In theory, the employment contract concerning an employee “author” must distinguish between two types of remuneration: (i) the salary for the performance/realization of the creation and (ii) a remuneration in copyright for the exploitation of the copyright related to the said creation. This breakdown can be difficult to implement in practice as these amounts are not subject to the same tax or contribution regime.

 

In its ruling, the court states that “a lump sum remuneration that does not distinguish between the remuneration of the work and the consideration for the transfer of the copyright is lawful”. In other words, the absence of a breakdown between an employee’s salary and the remuneration received by the latter for the transfer of copyright is therefore valid.

 

Here again, the court adopts a pragmatic approach. However, it is unfortunate that the court does not explain its reasoning. In any case, in the absence of a breakdown between salary and remuneration of copyright, the entire amount paid should be qualified as salary subject to the payment of social security contributions.

 

 

Article rédigé par Véronique Dahan, Margaux Parmentier et Jérémie Leroy-Ringuet.

Exotrail raises €54 million

Posted on by Valentin Poitou

As part of the industrialization of its engines for minisatellites, Exotrail raised nearly 54 million euros on Tuesday, February 8, 2023.

 

After winning a series of contracts for its electric motors and space bus, the “NewSpace” nugget has announced a €54 million fundraising round, with the aim of becoming a global player in in-orbit services. The Toulouse-based startup plans to double its workforce by 2023, while starting to industrialize its products.

 

At the same time, it is also developing a software offer to differentiate itself from the competition. In other words, Exotrail has miniaturized the Hall effect technology (very popular on geostationary orbit satellites) multiplying the thrust 5 to 6 times higher than other electric propulsion technologies, to implement it on small satellites in low orbit.

 

Among the investors of this operation, we can mention Bpifrance, SPI (the fund Société de projets industriels), the Defense Innovation Fund of the French Ministry of the Armed Forces, as well as private investors like Eurazeo and the software engineering company Celad.

 

In addition to these investors, there are also historical investors, well known to Exotrail (360 Capital, Karista, Innovacom, iXO Private Equity, BNP Paribas…). This operation brings to more than 70 million euros of financing raised by Exotrail, since its launch in 2017.

 

J&A (Thomas Saltiel, Charlotte Viandaz) acted as advisor to Bpifrance (Bpifrance Innovation – Compartment Venture and Ambition Amorçage Angels Fund) in this fundraising.

Exotrail raises €54 million in funding

Posted on by Valentin Poitou

As part of the industrialisation of its engines for mini-satellites, Exotrail raised nearly 54 million euros on Tuesday 8 February 2023.

 

Having secured a series of contracts for its electric engines and space bus, the ‘NewSpace’ start-up has announced that it has raised €54 million, with the aim of becoming a global player in in-orbit services. The Toulouse-based start-up plans to double its workforce by 2023, whilst beginning the industrialisation of its products.

 

At the same time, the company is also developing a software offering to set itself apart from the competition. In other words, Exotrail has miniaturised Hall-effect technology (a technology highly prized for satellites in geostationary orbit), achieving thrust 5 to 6 times greater than that of other electric propulsion technologies, in order to implement it on small satellites in low Earth orbit.

 

Investors in this round include Bpifrance, SPI (the Société de projets industriels fund), the Ministry of the Armed Forces’ Defence Innovation Fund, as well as private investors such as Eurazeo and the software engineering firm Celad.

 

In addition to these, there are long-standing investors already familiar with Exotrail (360 Capital, Karista, Innovacom, iXO Private Equity, BNP Paribas, etc.). This round brings the total funding raised by Exotrail since its launch in 2017 to over 70 million euros.

 

As part of this fundraising round, J&A (Thomas Saltiel, Charlotte Viandaz) acted as advisers to Bpifrance (Bpifrance Innovation – Venture Fund and Ambition Amorçage Angels Fund).

 

 

Thiqa comes under the control of Docaposte

Posted on by Valentin Poitou

Read the original CF News article here.

 

Joffe & Associés advises the partners of Thiqa in connection with its sale to the Docaposte Group.

 

Particularly active in the area of external growth, Docaposte – La Poste’s subsidiary specialising in digital solutions – has set its sights on Thiqa. Founded in 2018, Thiqa specialises in digital solutions for voting, registered mail, digital signatures and archiving, and is now being sold by its founder, François Thill, and its co-founder, Olivier Clémot.

 

Docaposte is seeking, through this move, to further strengthen its offering in the areas of consultancy, integration and operation of trusted digital solutions. Whilst being integrated into Docaposte’s service offering, Thiqa will nevertheless retain its autonomy.

 

This acquisition is in line with the strategy pursued by Docaposte, which aims to develop and strengthen “Docaposte’s expertise with a view to consolidating its position as a leading authority on digital trust in France and Europe”, states Olivier Vallet.

 

The young target company, with around 20 employees, also offers services covering the integration, maintenance and operation of solutions, as well as the bespoke development of associated applications, which generated €3.6 million in revenue last year.

 

This is a modest figure compared to the group’s turnover of €815 million, with its 7,000 employees spread across 70 sites in France and internationally.

 

Transaction details:

  • Target company: Thiqa
  • Founding sellers: François Thill, Olivier Clémot
  • Buyer: Docaposte
  • Advisers of the sellers: J&A: Thomas Saltiel, Mathilde Vasseur, Paddy Pascot.
  • Advisers of the buyers: Altana: Bruno Nogueiro, Olivier Carmès

Thiqa is taken over by Docapost

Posted on by Valentin Poitou

Read the original CF News article here.

Joffe & Associés advises the partners of Thiqa in the context of its sale to the Docapost group.

 

Particularly active in terms of external growth, Docaposte, the subsidiary dedicated to digital solutions of the French Post Office, has set its sights on Thiqa. The company, which was founded in 2018 and specializes in digital solutions for voting, registered letters, signatures and archiving, is now being sold by its founder François Thill and his co-founder Olivier Clémot.

 

Docapost is seeking to further strengthen its consulting, integration and operation of trusted digital solutions. Thiqa will be integrated into Docaposte’s service offering, but will remain independent.

This acquisition is part of Docaposte’s strategy to develop and strengthen “Docaposte’s expertise in order to consolidate its position as a leader in digital trust in France and Europe,” said Olivier Vallet.

 

The young target of about 20 employees also offers integration, maintenance and operation of solutions, and the custom development of associated applications, which generated €3.6 million in revenue last year.

 

This is a small amount compared to the €815 million in revenues generated by the group, whose 7,000 employees are spread over 70 sites in France and abroad.

DEMETER invests in Hyperplan’s collaborative platform

Posted on by Valentin Poitou

Read the original article from Frenchweb here.

 

In order to launch its collaborative crop monitoring platform, Bidart-based company Hyperplan – which specialises in satellite-based monitoring of agri-food crops – raised nearly 4.1 million euros in January 2023.

 

A solution to an alarming situation

 

Hyperplan, a company based in Bidart and founded in June 2021, is seeking to develop an effective solution to secure the agri-food supply chain. By combining the collection of satellite and weather data, whilst also making greater use of artificial intelligence, this technology enables manufacturers to better anticipate their production and improve their commercial or industrial operational decisions in terms of economic efficiency, reducing carbon emissions and minimising food waste.

 

Hyperplan analyses these satellite images to determine the area under each crop during the growing season (2–4 months before harvest, depending on the crop), in order to manage the plants’ ripening process and coordinate the progress of the harvest.

The start-up has developed a machine learning algorithm to forecast the volume to be harvested at the local level of the industrial asset, anticipate the risks of overcapacity or undercapacity within the network (harvest points, silos or processing plants), and predict the start dates and duration of the harvest season.

 

Hyperplan has also implemented a search algorithm to optimise resource allocation according to several anticipated supply scenarios and to maximise the return on operational investments (e.g. maintenance CAPEX) and strategic investments (e.g. network overhaul, creation of a supply chain).

 

Promising results: heading for Europe?

 

Led by its three co-founders – Jean-Baptiste Kopecky (CTO), Victor Lamendin (Head of Product) and Ruben Sabah (CEO) – Hyperplan has just completed a €4.1 million funding round. The expected benefits of using the Hyperplan solution include cost savings of between €2 and €4 per tonne of raw agricultural produce collected, a 10–15 per cent reduction in product losses and quality degradation, and the optimisation of investment strategies (notably through the review of industrial networks and the creation of supply chains).

 

J&A (Thomas SALTIEL, Océane CHRISTMANN and Carla FERRON) advised Demeter, BNP Paribas Développement and Polytechnique Ventures on this transaction.

 

 

J&A’s team: Thomas SALTIEL, Océane CHRISTMANN and Carla FERRON.

 

The company was represented by Harlay Avocats (Thibault Charenton, Anouck Larreya).