The x-ray imaging equipment industry in the Nordics is a dynamic sector driven by advanced technology and healthcare needs. Companies design and develop equipment critical for diagnostics and treatment, focusing on innovation in imaging techniques and patient safety. Prominent players range from startups targeting niche markets to established corporations producing comprehensive imaging systems. The industry is moving toward the integration of AI and cloud technologies, enhancing imaging accuracy and facilitating remote diagnostics. With growing demand for non-invasive medical procedures, the x-ray imaging equipment market is poised for growth and transformation, aligning with rising health standards across the region.

This list showcases 13 prominent investors shaping the x-ray imaging landscape in the Nordics. The investors include a mix of private equity firms, venture capitals, and corporate entities headquartered primarily in Stockholm and Helsinki. Founded between 1972 and 2021, these firms vary in size, managing from 10 to over 5,000 employees. In 2024, they collectively engaged in several notable deals—highlighting their commitment to investing in industries that prioritize health technology and innovation, such as the x-ray sector.

Top 13 X-Ray Imaging Equipment Investors in the Nordics

1. Almi

• Website: almi.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among their notable transactions, Almi has invested in Profundus Imaging, which raised over $1 million in a seed round in January 2021, indicating a focus on medical imaging technologies. Additionally, they have invested in BiBBInstruments and Micropos Medical AB, which may also relate to medical technology and imaging. These investments highlight Almi's engagement in the healthcare sector, particularly in areas relevant to x-ray imaging equipment.

2. Novo Holdings

• Website: novoholdings.dk
• Type: Venture Capital
• Headquarters: Hellerup, Denmark
• Founded year: 1999
• Headcount: 51-200
• Number of deals in 2024: 45
• LinkedIn: novo-a-s

Novo Holdings A/S is a not-for-profit investment firm based in Hellerup, Denmark, focused on managing the assets of the Novo Nordisk Foundation. Founded in 1999, it specializes in investing in life science companies at various stages of development, providing both capital and strategic support to enhance healthcare solutions. In recent years, Novo Holdings has been actively involved in funding innovative healthcare companies, including Qure AI, which raised $65 million in a Series D funding round in June 2024, and previously raised $40 million in a Series C round in March 2022. Qure AI is known for its AI-driven healthcare solutions, which may include applications in x-ray imaging. This aligns with Novo Holdings' mission to support advancements in healthcare technology. Additionally, their investments in companies like Amra and SI-BONE further demonstrate their commitment to the medical field, although these companies are not directly related to x-ray imaging. Overall, Novo Holdings' focus on life sciences and healthcare innovation positions them as a relevant investor in the x-ray imaging equipment sector.

3. EQT Group

• Website: eqtgroup.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn: eqt-partners

EQT Group is a private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the healthcare and imaging sectors, including the acquisition of I-MED Network Radiology in 2014 for approximately $500 million, which is a key player in the diagnostic imaging market. This acquisition highlights EQT's commitment to enhancing performance in the radiology field. Additionally, EQT has been involved in other relevant transactions, such as the acquisition of Sirona Dental System, which, while primarily focused on dental imaging, indicates their broader interest in imaging technologies. These transactions underscore EQT's strategic positioning within the healthcare and imaging industries.

4. Indutrade Life Science

• Website: indutrade.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 1001-5000
• Number of deals in 2024: 14
• LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company operates as part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various technology and industrial sectors. Indutrade emphasizes long-term relationships with its customers and maintains a decentralized structure, allowing its subsidiaries to operate independently while benefiting from the group's resources. Notably, Indutrade has made significant acquisitions in the medical and imaging sectors, including X-RAY WorX GmbH, which specializes in x-ray imaging technology, and Medexa Diagnostisk Service AB, enhancing its capabilities in diagnostic services. These transactions reflect Indutrade's strategic interest in the x-ray imaging equipment industry, positioning it as a relevant player in this market.

5. Industrifonden

• Website: industrifonden.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1979
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The fund specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions and create long-term value through partnerships with passionate founders. Notably, Industrifonden led a SEK 45 million investment round in Texray AB, a company dedicated to enhancing occupational safety for healthcare professionals, which suggests a commitment to advancing healthcare technologies, including x-ray imaging. Additionally, the fund has participated in various other transactions, such as investments in Amra, a digital health company, and poLight, which, while not directly related to x-ray imaging, showcase Industrifonden's active role in the health tech and technology sectors.

6. Nordic Capital

• Website: nordiccapital.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1989
• Headcount: 201-500
• Number of deals in 2024: 10
• LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, with a strong focus on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, aiming to create long-term value and sustainability. Notable transactions include the acquisition of ERT Clinical, a provider of patient data collection solutions for clinical drug development, and Corpuls, a German medical technology company specializing in emergency medical solutions. These transactions highlight Nordic Capital's commitment to the healthcare sector, which may encompass areas relevant to x-ray imaging equipment.

7. ADDvise

• Website: addvisegroup.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1989
• Headcount: 501-1000
• LinkedIn: addvisegroup

ADDvise Group AB, founded in 1989 and based in Stockholm, Sweden, specializes in advanced medical technology and laboratory solutions. The company serves healthcare facilities and research institutions with a diverse range of products, including medical equipment and laboratory furniture. ADDvise operates with a decentralized business model, allowing its subsidiaries to maintain entrepreneurial spirit while benefiting from corporate support. Notably, in 2023, ADDvise signed a Letter of Intent to acquire X-Ray Cassette Repair Company Inc. for USD 14.75 million, highlighting its commitment to the x-ray imaging equipment sector. This acquisition is expected to enhance ADDvise's capabilities in medical technology and positively impact its earnings. Additionally, the company has been involved in other acquisitions, such as Grupo Kolplast and Innovative Endoscopy Components, which further demonstrate its active investment strategy in the healthcare sector.

8. Butterfly Ventures

• Website: butterfly.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2012. The firm specializes in seed stage investments in deep tech startups, providing both capital and strategic support to help early-stage companies navigate growth and market entry challenges. Butterfly Ventures emphasizes social and environmental impact in its investment strategy. Among their notable transactions, they invested in Xfold Imaging, which raised funds in a pre-seed round in June 2019, indicating their involvement in the x-ray imaging equipment sector. Additionally, they have supported other health-related startups such as Surgify and Cerenion, which further demonstrates their interest in the healthcare technology space.

9. Elekta

• Website: elekta.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1972
• Headcount: 1001-5000
• Number of deals in 2024: 2
• LinkedIn: elekta

Elekta is a corporate investor based in Stockholm, Sweden, founded in 1972. The company specializes in medical technology, particularly in radiation therapy and radiosurgery solutions aimed at improving cancer treatment outcomes. Elekta's customer base includes healthcare providers such as hospitals and cancer centers that utilize their innovative technologies. In recent years, Elekta has made several strategic acquisitions to enhance its portfolio. Notably, they acquired the Xoft business from iCAD, Inc., which includes the Axxent Electronic Brachytherapy System, thereby expanding their offerings in brachytherapy technology. Additionally, they have acquired ProKnow Systems and the Pinnacle Treatment Planning System from Philips, both of which are relevant to treatment planning and imaging in oncology. These transactions indicate Elekta's commitment to integrating advanced imaging and treatment technologies into their solutions, making them a relevant player in the x-ray imaging equipment sector.

10. Inventure

• Website: inventure.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2005
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: inventure

Inventure is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2005. The firm focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Notably, Inventure has participated in significant transactions within the x-ray imaging equipment context, including a €2.2 million funding round for Mekitec Oy, a provider of x-ray equipment aimed at identifying unwanted objects in food packages. This investment highlights Inventure's engagement in the x-ray imaging sector, showcasing their commitment to supporting innovative technologies in this field. Additionally, Inventure has been involved in various other sectors, but their investment in Mekitec positions them as a relevant investor in the x-ray imaging equipment industry.

11. Voima Ventures

• Website: voimaventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2019
• Headcount: 11-50
• Number of deals in 2024: 11
• LinkedIn: voima-ventures

Voima Ventures is a venture capital firm based in Helsinki, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures, supporting startups across various sectors, including life sciences and advanced manufacturing. Voima Ventures has been actively involved in several funding rounds, including notable investments in MVision AI, a company that provides a cloud-based AI-powered radiotherapy planning solution for cancer treatment, and ElFys, which focuses on photodetectors for wearable devices. Their investment in MVision AI, particularly, highlights their engagement in healthcare technology, which is closely related to x-ray imaging and medical diagnostics. Voima Ventures operates primarily in the Nordic and Baltic regions, providing capital and expertise to help startups scale their solutions for global challenges.

12. Maki.vc

• Website: maki.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2018
• Headcount: 1-10
• Number of deals in 2024: 11
• LinkedIn: maki-vc

Maki.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2018. The firm specializes in seed-stage investments in deep tech and brand-driven companies, providing funding and support to early-stage startups to help them navigate growth and innovation challenges. Maki.vc operates primarily in the Nordic region but maintains a global investment mandate. Notably, Maki.vc has participated in several transactions relevant to the healthtech sector, including investments in Disior, which raised funds for a novel bone fracture and tissue analysis tool, and Neuro Event Labs, which focuses on epilepsy diagnostics. These investments highlight Maki.vc's interest in technologies that could intersect with x-ray imaging applications, making them a potential player in this industry.

13. Segulah Medical Acceleration

• Website: segulahmedical.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2021
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: segulah-medical-acceleration

Segulah Medical Acceleration is a venture capital firm based in Stockholm, Sweden, founded in 2021. The firm specializes in the medical technology sector, focusing on providing growth equity and strategic support to healthcare technology companies. Segulah Medical Acceleration targets companies in Medtech, Diagnostics, Life Science Tools, and Healthtech across Europe. Notable transactions include leading a SEK 84 million funding round for Collective Minds Radiology, which focuses on healthcare collaboration platforms in the radiology space, and a Series A2 financing round for SAGA Diagnostics, which is involved in cancer diagnostics. While their investments span various areas of medical technology, their involvement in radiology-related funding suggests a potential interest in imaging technologies, although they have not specifically targeted x-ray imaging equipment.

X-Ray Imaging Equipment Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Novo Holdings	Hellerup, Denmark	51-200	1999	45
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Indutrade Life Science	Stockholm, Stockholm, Sweden	1001-5000	1978	14
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
ADDvise	Stockholm, Stockholm, Sweden	501-1000	1989	0
Butterfly Ventures	Helsinki, Uusimaa, Finland	1-10	2012	5
Elekta	Stockholm, Stockholm, Sweden	1001-5000	1972	2
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
Voima Ventures	Helsinki, Uusimaa, Finland	11-50	2019	11
Maki.vc	Helsinki, Uusimaa, Finland	1-10	2018	11
Segulah Medical Acceleration	Stockholm, Stockholm, Sweden	1-10	2021	1

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