European AI Healthtech Sees Funding and M&A
The European AI healthtech scene is active, with French startup Delphyr raising €1.75 million to automate administrative tasks for clinicians. In a sign of market maturation, US-based RadNet also acquired Gleamer, a clinical AI imaging firm, to integrate AI across its entire diagnostic workflow.
RadNet's acquisition of Gleamer is a significant cash deal, valued at up to €230 million ($270 million). This move will integrate Gleamer's extensive portfolio of AI tools into RadNet's DeepHealth subsidiary, creating what is expected to be the world's largest provider of radiology clinical AI solutions. The acquisition is particularly strategic for RadNet's X-ray operations, which constitute about 25% of its imaging volume. Gleamer, founded in 2017, brings a robust set of technologies to the table, including four FDA-cleared and six CE-marked AI solutions. These tools assist in identifying pathologies in X-rays, such as fractures and lung nodules, aiming to reduce diagnostic errors and radiologist workload. Studies have shown Gleamer's ChestView software can increase the detection of abnormalities like pneumothorax by over 26% and reduce reading times by an average of 31%. On the early-stage front, Amsterdam-based Delphyr's €1.75 million raise attracted notable investors, including the founders of AI powerhouse Hugging Face and fintech firm DEGIRO. The company, founded by a former anesthesiologist, is developing AI agents to automate clinical administrative tasks such as summarizing patient data from notes and lab results, drafting consultation notes, and even capturing consultations through ambient listening. This focus on administrative automation taps into a massive market, with AI in healthcare operations projected to grow from $7.51 billion in 2025 to $25.70 billion by 2030. The global AI in healthcare market itself was estimated at over $36 billion in 2025, driven by the need for greater efficiency and accuracy. The Turkish startup ecosystem is also seeing significant activity in these verticals. In the third quarter of 2024, healthtech and artificial intelligence were two of the top three sectors by the number of deals, each with 12 transactions. This indicates strong investor appetite for Turkish founders building in these areas, even as the total deal volume has fluctuated. Notable Turkish healthtech startups include Viseur AI, which is developing AI-powered diagnostic support for radiology, and Argeron, which uses AI for early prediction of kidney failure risk. Other companies like Bulutklinik and NGS Cloud are building SaaS platforms for hospital management and cloud-based genetic data analysis, respectively, showcasing the breadth of healthtech innovation in the Istanbul ecosystem. Europe's broader digital health funding landscape shows strong momentum, with a 27% year-over-year increase in 2024, outpacing global recovery rates. AI-focused companies captured a record 58% of this funding, signaling a deep, ongoing conviction from investors in the transformative power of AI to reshape diagnostics, drug discovery, and clinical workflows across the continent.
