From Seed to Samsung Medison: An €86 Million Exit Less Than 2.5 Years After the First Investment
OneRagtime's initial investment, Seed, 2022
OneRagtime's total investment over two rounds
exit value, 2024
gross IRR
multiple on the amount invested
jobs created, 15 to 35 FTE, Q3 2022 to Q1 2024
Sonio is a French company that makes AI software to guide practitioners during prenatal ultrasound scans, improving screening and the detection of fetal anomalies. Its software is FDA-approved. OneRagtime backed the company at Seed in 2022, and Samsung Medison acquired it in 2024.
FROM SEED TO EXIT IN UNDER 2.5 YEARS
OneRagtime invested €1.0 million in Sonio's €5 million Seed round in 2022 and reinvested in the Series A in 2023, for €2.0 million over two rounds. In 2024 Samsung Medison acquired 100% of Sonio at an exit value of €86 million, including earn-out. OneRagtime received €6.7 million of gross proceeds on €2.0 million invested. That is a 3.3x multiple and a gross IRR of 84%. The exit closed less than 2.5 years after the first investment.
Cécile Brosset, Co-founder & CEO
THE STARTING POINT
When OneRagtime invested, Sonio had around €8,000 of monthly recurring revenue, 100 licences sold and a team of about 15. The Seed round was led by Elaia alongside Bpifrance. The company's AI software guides practitioners during prenatal ultrasound scans, to improve screening and the detection of fetal anomalies.
THE SERIES A
In 2023 Sonio raised a $14 million Series A (about €13 million), led by Cross-Border Impact Ventures with the EIC Fund. The funding was to improve the SaaS product, start commercial development in the United States and adapt the technology to portable ultrasound scanners, covering image quality control and AI detection of potential anomalies. OneRagtime reinvested in this round.
FDA CLEARANCE AND US GROWTH
Sonio's Detect module, which automatically analyses prenatal ultrasound images, obtained US FDA clearance twice: Detect v1 in summer 2023 and Detect v2 in 2024. The clearance opened the US market and supported the first large-scale deployments with US maternal-fetal medicine practices. Sonio signed the majority of its 2023 bookings in the US and multiplied booked ARR by about 4x. Its team more than doubled from 15 to 35 FTE between Q3 2022 and Q1 2024, which was the last reporting before the acquisition.
FEMALE LEADERSHIP
Cécile Brosset was co-founder and CEO of Sonio throughout OneRagtime's holding period, from 2022 to 2024.
THE ACQUISITION
In 2024 Samsung Medison acquired 100% of Sonio to combine its AI with Samsung's ultrasound systems. Sonio remains a French company, and its products stay compatible with all ultrasound manufacturers. The disclosure of 8 May 2024 valued the deal at KRW 126.5 billion, about $92.7 million, for 100% of the shares including earn-out.
THE INVESTORS
OneRagtime invested through its Rhapsody I, Rhapsody II and Paragon funds and its co-investment vehicles. Notable co-investors in later rounds were Cross-Border Impact Ventures, an impact fund focused on women's and children's health, the EIC Fund, Elaia and Bpifrance. Across Seed and Series A the company raised €18 million in total, excluding €2.5 million of EIC Accelerator grants.