French medtech startup SquareMind has successfully raised $18 million in a new funding round to advance its AI-powered dermatological platform. The company aims to address the critical delays in skin cancer screening by equipping specialists with a robotic imaging system. This significant investment will accelerate the commercial deployment of its flagship product, the Swan™ robot, across Europe and the United States.
Addressing a Critical Healthcare Gap
Patients often face extensive waiting periods, sometimes up to a year, for dermatological examinations due to a shortage of specialists. These delays can have serious consequences, particularly in the early detection of skin cancers like melanoma. SquareMind's technology is designed to alleviate this pressure by streamlining the screening process and improving diagnostic efficiency for physicians.
The urgency for timely screening is underscored by the fact that 80% of melanomas manifest as new lesions on the skin. A thorough and documented examination is therefore crucial for early intervention and improved patient outcomes. By automating a key part of the examination, SquareMind provides a solution to the growing demand for skin checks driven by an aging population.
The Swan Imaging Platform
At the core of SquareMind's innovation is the Swan™ imaging robot, a first-of-its-kind device developed in collaboration with leading dermatologists. Its articulated arm can scan and map the entire surface of a patient's skin in just a few minutes. The system captures images at a very high, dermoscopic resolution, which is comparable to a specialist's handheld magnifying tool.
The image acquisition process is fully automated, allowing for seamless integration into existing clinical workflows and saving valuable physician time. An accompanying AI-powered software assists dermatologists by analyzing the images and tracking the evolution of moles over time. This technology acts as a companion, reducing the cognitive burden on doctors who retain full control over the final clinical diagnosis.
Strategic Investment for Global Expansion
The $18 million funding round was co-led by the Deep Tech 2030 fund, managed by Bpifrance, and the US-based venture capital firm Sonder Capital. Sonder Capital's involvement is particularly noteworthy, as it was co-founded by Fred Moll, a renowned pioneer in medical robotics and the founder of Intuitive Surgical. This backing signals strong confidence in SquareMind's technological and commercial potential.
Other key investors participating in the round include Adamed, Calm/Storm Ventures, and Teampact Ventures. The capital injection is earmarked for the imminent commercial launch of the Swan™ system in both the United States and Europe. To support this expansion, the company plans to significantly grow its commercial, engineering, and customer support teams.
A New Standard in Dermatological Care
Investors believe SquareMind is poised to set a new benchmark in modern dermatology. Kate Garrett of Sonder Capital noted that robotics and AI will redefine medical practice by optimizing physician time and making excellent care more accessible. Ali Khachlouf, CEO of SquareMind, added that the technology empowers doctors to focus on patient care and clinical decisions by facilitating comprehensive documentation.
With this substantial new funding and the backing of prominent investors in deep tech and medical robotics, SquareMind is well-positioned to address a pressing need in healthcare. The upcoming launch of its Swan™ platform promises to enhance the efficiency and accuracy of skin cancer screenings. This innovation could ultimately lead to earlier diagnoses and better outcomes for patients worldwide, marking a significant step forward in dermatological care.