Revolutionizing Medical AI Development: Flywheel Announces $54 Million in Series D Funding led by Novalis LifeSciences and NVentures

MINNEAPOLIS — (June 27, 2023) — Flywheel, the leading medical imaging data and AI platform, announces it has raised $54 million in Series D funding with more to come soon. This latest round of funding was co-led by Novalis LifeSciences LLC and NVentures, NVIDIA’s venture capital arm. Microsoft also participated in the round, along with insiders Invenshure, 8VC, Beringea, Hewlett Packard Enterprise, Intuitive Ventures, iSelect, Gundersen Health System, Seraph, and Great North Ventures. Faegre Drinker Biddle & Reath LLP served as counsel to Flywheel in connection with the financing.

“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. 

The funding will fuel Flywheel’s continued growth in its two primary markets, public sector healthcare and pharmaceutical companies, while accelerating expansion in other markets including providers, payers, system integrators, and software companies seeking to harness the value of their data for AI development. This latest round of funding will also help Flywheel extend its global reach into key geographies, particularly across Europe.

Marijn Dekkers, chairman and founder of Novalis LifeSciences and former CEO of Bayer AG and Thermo Fisher Scientific Inc., will join the company’s board of directors.

“We are excited to lead this financing round at Flywheel,” said Dekkers. “We believe Flywheel’s unique software solutions enable the smarter use and interpretation of the vast amounts of information associated with large numbers of medical imaging scans. We are particularly excited about the ability of these tools to drive more efficient and faster drug development processes in the biopharma industry.”

“The application of AI has led to the discovery of new drugs, identifying patterns in disease, and improvements in patient care,” said Mohamed “Sid” Siddeek, Head of NVentures, NVIDIA. “Flywheel uses AI to unlock the value within medical imaging data, signaling the continued benefit of applying AI across the healthcare industry.”

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About Flywheel

Flywheel is the pioneering 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. For more information on our mission and products, visit or follow us on Twitter and LinkedIn.

About Novalis LifeSciences LLC

Novalis LifeSciences is the investment arm of Novalis Capital Partners, a boutique investment and advisory firm for the Life Science industry. With a team of experienced operating executives from the Life Science industry, Novalis funds and advises visionary Life Science entrepreneurs. For more information visit