The medical imaging industry in the DACH region focuses on advanced imaging technologies that aid in diagnostics and treatment. Companies in this sector create a range of products, from MRI and CT scanners to software that enhances image analysis and integration with AI and machine learning. A growing emphasis on early detection of diseases, particularly cancer, drives innovation and investment. Furthermore, partnerships between startups and established healthcare firms are on the rise, strengthening the local ecosystem. The industry is moving towards telemedicine and remote diagnostics, ensuring accessibility and efficiency while responding to the global health needs of today.


This list profiles 13 prominent investors in the medical imaging field within the DACH region, including venture capital firms and corporate investors. Headquartered mainly in Switzerland and Germany, these investors vary in size, with several managing portfolios that include a mix of established firms and emerging startups. Founded predominantly in the late 1990s to early 2000s, they collectively made a significant number of investments in 2024, targeting innovative solutions in the medical imaging domain. Their strategic involvement is shaping the future of healthcare technologies and diagnostics.


Top 13 Medical Imaging Investors in DACH


1. Novartis Venture Fund

  • Website: nvfund.com
  • Type: Venture Capital
  • Headquarters: Basel, Basel, Switzerland
  • Founded year: 1996
  • Headcount: 11-50
  • Number of deals in 2024: 10

Novartis Venture Fund is a venture capital firm based in Basel, Switzerland, specializing in life sciences investments. Founded in 1996, the firm focuses on providing funding and support to innovative biotechnology and biopharmaceutical companies, helping them develop novel therapeutics and address unmet patient needs. Notably, the fund has participated in significant transactions within the medical imaging sector, including leading the Series A and Series B funding rounds for ImaginAb, a company dedicated to developing imaging agents for cancer. These investments highlight Novartis Venture Fund's active role in supporting advancements in medical imaging technology, alongside its broader portfolio in life sciences.


2. HBM Healthcare Investments AG


HBM Healthcare Investments AG is a venture capital firm based in Zug, Switzerland, founded in 2001. The firm specializes in the healthcare sector, managing a diversified portfolio that includes investments in human medicine, biotechnology, medical technology, and diagnostics. Notable transactions include their participation in Karius, which raised significant funding to expand its genomic diagnostics capabilities, and Freenome, which raised $300 million to advance its cancer detection technologies. These investments highlight HBM's commitment to supporting innovative healthcare solutions, including those that may intersect with medical imaging technologies.


3. Novartis

  • Website: novartis.com
  • Type: Corporate
  • Headquarters: Basel, Basel, Switzerland
  • Founded year: 1996
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: novartis

Novartis AG is a leading pharmaceutical company based in Basel, Switzerland, founded in 1996. The company is dedicated to developing and manufacturing innovative medicines aimed at addressing serious diseases across various therapeutic areas. Novartis emphasizes research and development to improve patient outcomes globally. In recent years, Novartis has made significant investments in companies that are relevant to the medical imaging sector. For example, they participated in a Series B funding round for Deciphex, an Irish start-up that is revolutionizing clinical and non-clinical pathology through digital pathology and AI, which are crucial components of medical imaging. Additionally, Novartis invested in Cleerly, a company focused on cardiovascular imaging, during its Series C financing round. These transactions highlight Novartis's strategic interest in enhancing medical imaging technologies and their applications in healthcare.


4. Bayern Kapital

  • Website: bayernkapital.de
  • Type: Venture Capital
  • Headquarters: Landshut, Bavaria, Germany
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 27
  • LinkedIn: bayern-kapital-gmbh

Bayern Kapital is a venture capital firm based in Landshut, Bavaria, Germany, founded in 1995. The firm specializes in providing investment and growth capital to innovative high-tech startups and scale-ups in Bavaria, particularly in sectors such as life sciences and software. Bayern Kapital supports its clients with financial resources and access to a network of industry experts, helping them navigate the challenges of growth and development. Among their notable transactions, they invested in iThera Medical, which raised $8.25 million in Series C funding, and LUMA Vision, a 4D cardiac imaging company that secured $22 million in Series A3 financing. Additionally, they backed Ryver, a healthtech startup focused on addressing bias in radiology diagnostics through generative AI. These investments highlight Bayern Kapital's commitment to advancing technologies in the medical imaging space.


5. Verve Ventures

  • Website: verve.vc
  • Type: Venture Capital
  • Headquarters: Zurich, Zurich, Switzerland
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 25
  • LinkedIn: investiere-venture-capital

Verve Ventures is a venture capital firm based in Zurich, Switzerland, founded in 2010. The firm specializes in deep tech investments across Europe, providing funding and strategic support to science and technology startups. Their investment focus spans several sectors, including climate tech, industrial technology, and health & bio. Notably, Verve Ventures has been involved in significant transactions within the medical imaging sector, such as their participation in the seed funding round for EarlySight, a startup dedicated to medical imaging technology, and their involvement with Therapixel, a company that develops medical imaging software. These investments highlight Verve Ventures' commitment to supporting innovative companies in the medical imaging field, alongside their broader investment strategy.


6. Nextech Invest


Nextech Invest is a venture capital firm based in Zurich, Switzerland, founded in 1998. The firm specializes in biotechnology, particularly in cancer therapeutics, and provides strategic support to drug discovery firms. Nextech Invest has been involved in several significant transactions in the medical imaging sector, notably with ImaginAb, an immuno-oncology imaging company. They participated in both a $21M Series B funding round in 2014 and an additional $8M equity funding in 2017 for ImaginAb, which aims to accelerate human clinical trials and enhance its product pipeline in prostate cancer. Additionally, they have invested in Alpha9 Theranostics, which, while primarily focused on theranostics, may intersect with imaging technologies in the context of cancer treatment. These transactions highlight Nextech Invest's involvement in the medical imaging field, making them a relevant player in this sector.


7. Wellington Partners


Wellington Partners is a venture capital firm based in Munich, Bavaria, Germany, founded in 1998. The firm specializes in life sciences, focusing on early- and growth-stage companies. They provide capital and strategic support to entrepreneurs in various sectors, including therapeutics and medical devices. Notably, Wellington Partners has been involved in significant transactions in the medical imaging space, such as their co-lead investment in Sensimed AG, which raised 17 million CHF in a Series C financing round aimed at advancing medical imaging technologies. They also participated in the Series A funding for Sensimed, showcasing their long-term commitment to the company. Additionally, their investment in invendo medical, which raised €20.3 million to enhance its medical device capabilities, further highlights their active role in the medical imaging and device sectors. Overall, Wellington Partners is dedicated to helping innovative startups develop breakthrough technologies and achieve market success in the life sciences, including medical imaging.


8. Boehringer Ingelheim Venture Fund

  • Website: boehringer-ingelheim-venture.com
  • Type: Venture Capital
  • Headquarters: Ingelheim Am Rhein, Rhineland-Palatinate, Germany
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 5

Boehringer Ingelheim Venture Fund is a venture capital firm founded in 2010, based in Ingelheim Am Rhein, Rhineland-Palatinate, Germany. The fund focuses on investing in pioneering science and biotechnology innovations, particularly in the healthcare sector. They provide both capital and expertise to help startups develop and commercialize their products. Notable transactions include their investments in Brainomix, where they participated in multiple funding rounds to support the development of AI-enabled imaging biomarkers for better treatment of lung fibrosis and cancer. Additionally, they invested in ArrePath, a company that integrates AI and imaging technologies in antibiotic research, showcasing their commitment to advancing medical imaging solutions. Their diverse portfolio reflects a strong interest in innovative healthcare technologies, including those related to medical imaging.


9. Debiopharm


Debiopharm is a biopharmaceutical company based in Lausanne, Switzerland, founded in 1979. The company specializes in the development and manufacturing of innovative therapies for cancer and infectious diseases, partnering with academic and pharmaceutical institutions to bridge the gap between drug discovery and patient access. In addition to its core focus, Debiopharm has shown interest in the medical imaging sector through its investment in Altis Labs, which raised $6 million in seed funding for its Nota platform that utilizes AI imaging biomarker technology for clinical trials. This investment highlights Debiopharm's commitment to addressing high unmet medical needs, including those in the medical imaging field. Other transactions, such as investments in digital health companies like Kaiku Health and Oncomfort, further illustrate Debiopharm's broader engagement in healthcare innovation, although they are not directly related to medical imaging.


10. b2venture

  • Website: b2venture.vc
  • Type: Venture Capital
  • Headquarters: St. Gallen, St. Gallen, Switzerland
  • Founded year: 2000
  • Headcount: 11-50
  • Number of deals in 2024: 15
  • LinkedIn: btovpartners

b2venture is a venture capital firm based in St. Gallen, Switzerland, founded in 2000. The firm specializes in early-stage investments in innovative startups across various sectors, providing financial backing and support to entrepreneurs. They collaborate with a community of angel investors, enhancing their investment strategy and positioning them as a key player in the European venture capital landscape. Notably, b2venture has invested in SamanTree Medical, which raised $14 million in a Series B round in July 2024, focusing on cancer surgery technology. Additionally, they have invested in NVision Imaging Technologies, which raised $26 million in a Series B round in December 2024, and previously participated in a $30 million Series A round in June 2023. These transactions highlight b2venture's commitment to supporting advancements in medical imaging and related technologies.


11. BiomedVC

  • Website: biomedvc.com
  • Type: Venture Capital
  • Headquarters: Basel, Basel, Switzerland
  • Founded year: 2003
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: biomedvc

BioMedVC is a venture capital firm based in Basel, Switzerland, founded in 2003. The firm specializes in early-stage investments in the life sciences sector, focusing on supporting biotech startups by providing capital and strategic guidance to help them develop innovative medical solutions. Notably, BiomedVC has been involved in several transactions that highlight their interest in medical technologies. For instance, they participated in funding rounds for Miracor Medical, a company that has developed the PiCSO impulse system, which is relevant to medical imaging. Their investment activities demonstrate a commitment to advancing health technologies, including those related to medical imaging, making them a significant player in the life sciences investment landscape.


12. Calm/Storm

  • Website: calmstorm.vc
  • Type: Venture Capital
  • Headquarters: Vienna, Vienna, Austria
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 13
  • LinkedIn: calm-storm

Calm/Storm Ventures is a venture capital firm based in Vienna, Austria, founded in 2020. The firm specializes in early-stage investments in health tech startups, focusing on purpose-driven founders. They provide capital, support, and networking opportunities to help these companies succeed in the competitive health tech landscape. Notably, Calm/Storm has invested in ThinkSono, which raised over $2.6 million in 2024 and focuses on ultrasound technology, a critical component of medical imaging. Additionally, they have participated in funding rounds for other health tech startups like Livv Health and LEVY Health, further demonstrating their commitment to the health tech sector. Their diverse portfolio addresses sensitive health issues, making them a relevant player in the medical imaging space.


13. SHS Capital


SHS Gesellschaft für Beteiligungsmanagement mbH, commonly known as SHS Capital, is a private equity firm based in Germany that specializes in healthcare investments. Founded in 1993, SHS Capital focuses on providing capital and strategic support to fast-growing healthcare companies, helping them scale and succeed in the market. The firm has been involved in several notable transactions in the medical imaging and diagnostics sector, including investments in numares HEALTH, which raised significant funding in 2009 and 2011 for its innovative diagnostic solutions, and MESI Medical, a Slovenian diagnostic company that received an EUR 18 million investment in 2023. These investments highlight SHS Capital's commitment to enhancing operations within the healthcare sector, particularly in areas related to medical imaging and diagnostics.



Medical Imaging Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
Novartis Venture FundBasel, Basel, Switzerland11-50199610
HBM Healthcare Investments AGZug, Zug, Switzerland1001-500020018
NovartisBasel, Basel, Switzerland10001+19967
Bayern KapitalLandshut, Bavaria, Germany11-50199527
Verve VenturesZurich, Zurich, Switzerland11-50201025
Nextech InvestZurich, Zurich, Switzerland11-50199813
Wellington PartnersMunich, Bavaria, Germany11-5019989
Boehringer Ingelheim Venture FundIngelheim Am Rhein, Rhineland-Palatinate, Germany11-5020105
DebiopharmLausanne, Vaud, Switzerland201-50019794
b2ventureSt. Gallen, St. Gallen, Switzerland11-50200015
BiomedVCBasel, Basel, Switzerland1-1020032
Calm/StormVienna, Vienna, Austria1-10202013
SHS CapitalGermany11-5019932


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