Flywheel, a Minnesota-based medical imaging data management and analysis platform, announced the close of a $27.5 million equity financing round
Minneapolis, MN — Flywheel, a Minnesota-based medical imaging data management and analysis platform, announced record growth in 2025, the launch of new products targeting clinical trial and medical device markets, and the close of a $27.5 million equity financing round, according to a company announcement released January 8.
The oversubscribed round was led by Novalis Lifesciences and 8VC. The new capital will be used to accelerate product development and support Flywheel’s expansion in clinical trial image management and AI model development.
Flywheel reported 43% year-over-year growth in new business and a 40% increase in committed revenue during 2025. Annual recurring revenue from pharmaceutical and medical device customers grew 106% year over year, while overall net revenue retention exceeded 110%. The company said 10 of the top 20 global pharmaceutical companies and 10 of the top 20 academic medical centers now use its platform.
During the year, the Minnesota startup expanded its platform with new video viewing and annotation tools and launched Flywheel Validated, a product designed to support 21 CFR Part 11–compliant clinical trial workflows. The company said these tools are intended to improve access to imaging data, reduce costs, and support faster decision-making in clinical trials and medical device development.
Flywheel is headquartered in Minneapolis and focuses on imaging data aggregation, curation, and analysis for biopharmaceutical companies, medical device manufacturers, and academic medical centers.
Read the full announcement here: https://www.flywheel.io
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