IMPLICITY raises €35 million to move from alert triage to predictive cardiology

French medtech company Implicity has raised €35 million from IRIS and Five Arrows to accelerate its expansion in the United States. Founded by cardiologist Arnaud Rosier, its platform aggregates data generated by cardiac devices from different manufacturers, then helps medical teams prioritise alerts. Already deployed across more than 250 centres and used to monitor 120,000 patients, the company now wants to move beyond organising remote monitoring towards anticipating clinical risks.

A medical alert is only valuable if someone can read it, understand it and act in time. Yet the proliferation of connected cardiac devices is making that increasingly difficult. Pacemakers, defibrillators, cardiac resynchronisation devices and implantable cardiac monitors now transmit a growing volume of information remotely.

For the teams responsible for remote monitoring, progress can quickly turn into a succession of portals to open, transmissions to review and alerts to reassess. Not every signal corresponds to a clinical event. Some are false positives, others repeat information that is already known, while the most important must be isolated before they disappear into the flow.

This is the problem Implicity is seeking to solve. The Paris-based startup has announced a €35 million funding round led by European investment firm IRIS alongside Five Arrows, Rothschild & Co’s alternative assets arm. The capital will support its US expansion and the development of new predictive algorithms.

The round brings the total amount raised by Implicity since its creation to at least €60 million. The company previously secured €4 million in 2019 from investors including Serena, XAnge and Karista, followed by a €21 million Series A in 2022 led by Crédit Mutuel Innovation and Bpifrance, with participation from BNP Paribas Développement and its existing backers.

Reconnecting what manufacturers had separated

Implicity was founded in 2016 by Arnaud Rosier, a cardiologist and cardiac electrophysiologist, together with engineer David Perlmutter. Its starting point was not the search for another use case for artificial intelligence, but a problem observed in cardiology departments: each device manufacturer operates its own remote-monitoring environment.

A hospital monitoring patients equipped with devices made by Medtronic, Abbott, Boston Scientific, Biotronik or MicroPort may therefore have to work across several portals, formats and alert systems. The device is connected. The organisation surrounding it is considerably less so.

Implicity provides a software layer that is independent of manufacturers. Its platform centralises transmissions, displays them in a common environment and enables teams to manage their patient queues without constantly moving from one system to another. It also automates some of the less visible tasks involved in remote monitoring: identifying patients whose devices have stopped transmitting, documenting interventions, generating reports and tracking the information required for billing.

The company says its platform is now used by more than 250 medical centres in France, Germany and the United States, compared with around 100 at the time of its previous funding round in 2022. Over the same period, the number of patients monitored is reported to have increased from approximately 60,000 to more than 120,000.

AI begins by removing noise

In healthtech presentations, artificial intelligence often appears before the problem it is meant to solve. At Implicity, its initial role is more modest and arguably more useful: preventing professionals from spending time on events that require no intervention.

The IM007 algorithm analyses electrocardiograms transmitted by certain implantable cardiac monitors. It is designed to detect different rhythm abnormalities and reduce the number of false positives generated by the devices. The US Food and Drug Administration granted it 510(k) clearance in 2021. The regulatory documentation specifies that its results are provided to professionals as decision-support information and cannot serve as the sole basis for a diagnosis.

That distinction matters. The algorithm does not replace the cardiologist; it reorganises the cardiologist’s queue. For a department receiving thousands of transmissions, value lies less in generating an additional signal than in identifying which one should be examined first.

The same logic extends across the platform. The objective is not to automate medical decisions, but to concentrate human resources on the situations in which those decisions are required.

Looking beyond the headline 26% figure

Implicity highlights a nationwide study linking the use of its platform to clinical and health-economic outcomes. Published in Heart Rhythm, the EVIDENCE-RM study draws on data from 69,394 French patients equipped with an implantable cardioverter-defibrillator or a cardiac resynchronisation device. It notably compares patients monitored through Implicity’s universal platform with those managed using conventional, manufacturer-specific systems.

The authors observed 26% lower all-cause mortality in the group using the universal system, along with reductions in some hospital admissions, the length of hospital stays and hospital expenditure. These findings give Implicity a degree of clinical credibility that a simple measure of time saved by medical teams could not provide.

They must nevertheless be presented for what they are. EVIDENCE-RM is a retrospective observational study, not a randomised trial. It establishes an association between the remote-monitoring model and the outcomes observed, but does not allow the reduction in mortality to be mechanically attributed to a particular algorithm. It also covers a specific population of ICD and CRT-D recipients, rather than all 120,000 patients monitored by the company.

The findings remain important. They suggest that unifying data flows and organising alerts may have an impact beyond administrative productivity: better-prioritised information can lead to earlier intervention, and earlier intervention can alter a patient’s care pathway. Between the two, however, lies the entire care chain, which the software does not control on its own.

A market that expands with every transmission

Implicity’s market is not growing solely with the number of pacemakers and defibrillators implanted. It expands with every additional transmission that medical teams must absorb over the years during which each patient is monitored.

For the countries covered, the European Society of Cardiology’s 2025 Atlas reports median annual rates of 739 pacemaker implants, 195 defibrillators and 54 cardiac resynchronisation therapy defibrillators per million inhabitants. These new implants continually add to an installed base that must be monitored for several years. In the United States, more than 300,000 cardiac implantable electronic devices are estimated to be implanted each year.

At the same time, remote monitoring has become a standard of care recommended by medical societies. Its adoption shifts part of the workload away from in-person consultations, but it does not make that work disappear. Teams must keep patients connected, review events, prepare reports and maintain a record of their decisions.

The US market adds a financial mechanism to this clinical necessity. Medicare has specific billing codes for the remote monitoring of pacemakers, defibrillators and implantable monitors. A platform that can comply with billing windows, document procedures and identify incomplete files therefore sells more than a better-organised workflow: it can help providers secure revenue that a manual process might leave unclaimed.

This is where healthtech starts to resemble enterprise software. The patient remains the point of the exercise, naturally. But contracts are also won by addressing a provider’s concerns about staff time, electronic health record integration, patient connectivity rates and the revenue generated by its remote-monitoring programme.

In the United States, competitors already sell software, services and billing

Implicity first competes with device manufacturers themselves. Medtronic, Abbott, Boston Scientific and Biotronik operate their own platforms and control the technical relationship with their implants. Their weakness stems from the same proximity: each environment is primarily designed around the company’s own devices.

Implicity’s most direct competitors are independent platforms that also promise to bring multiple manufacturers into a single workflow. PaceMate emphasises billing-cycle automation and integration with major hospital systems. Murj combines device management, physiological monitoring and visibility over billable services. Vector Remote Care brings together software, operational support for medical teams and patient services.

Octagos Health takes that integration further. The Texas-based company combines a manufacturer-independent platform, triage algorithms, specialist technicians and a team responsible for maintaining contact with patients. In 2024, it raised more than $43 million from Morgan Stanley Expansion Capital and existing investors. Rhythm360 occupies similar ground, with a proposition focused on automating monitoring and improving practice economics.

Competition is therefore not determined solely by the presence of an artificial-intelligence layer, which has become almost obligatory in the sector’s marketing materials. It is shifting towards four capabilities: integrating more devices, connecting with electronic health records, providing the human services that hospitals no longer want to manage themselves, and demonstrating a measurable economic benefit.

Implicity has two points of differentiation. The first is its clinical origin, which shaped a product around the work of cardiac electrophysiology teams. The second is the depth of its research into predictive algorithms and French health data.

Moving from detected events to anticipated risks

Implicity’s next chapter rests on SignalHF, an algorithm designed to estimate the risk of hospitalisation caused by worsening heart failure. Instead of waiting for an isolated alert, the software combines several measurements from implantable devices to identify a gradual deterioration.

The FDA granted the product 510(k) clearance after reviewing data from 17,974 patients. According to the regulatory filing, the algorithm was required to meet sensitivity thresholds, limit the number of unexplained alerts and identify a significant share of risks at least 15 days before hospitalisation.

This timeframe changes the value proposition. Filtering out a false alert saves a few minutes of work. Anticipating decompensation 15 days before admission could allow a team to call the patient, adjust treatment or arrange a consultation. The software no longer merely seeks to organise the present; it claims to give medical teams more time.

This ambition opens up a market extending beyond implantable devices alone. Implicity refers to new therapeutic areas in cardiology, although it has yet to specify them. Heart failure, atrial fibrillation, hypertension and post-hospital monitoring can incorporate data from connected scales, blood-pressure monitors, watches and other sensors.

Expansion nevertheless comes with a trade-off. The further Implicity moves beyond implants, the more it encounters general-purpose remote-monitoring platforms, wearable-device manufacturers and large hospital-software vendors. Its advantage will then depend less on its ability to aggregate proprietary portals than on the quality of its models, the diversity of its data and evidence that its alerts genuinely change patient care.

Training in France, selling in the United States

The €35 million will support research and development in France while financing the recruitment of operational teams in the United States, where Implicity has had a presence since 2022. This division reflects a familiar trajectory for European medtech companies: develop and validate the technology on the continent, then look across the Atlantic for a larger, more uniform and better-remunerated market.

It also raises the question of the company’s future centre of gravity. French data played an important role in the development of SignalHF. The US market must now provide customers, revenue and, in all likelihood, a growing share of the data required to adapt the product.

The arrival of IRIS and Five Arrows reflects this change of category. The round is presented as a growth-equity transaction, rather than financing for a technology that remains experimental. Five Arrows is investing through its Sustainable Investments vehicle, classified as Article 9 under the EU’s Sustainable Finance Disclosure Regulation. By backing a medtech company, the fund is extending its concept of impact — previously associated mainly with environmental challenges — towards reducing mortality and alleviating pressure on healthcare systems.