The x-ray imaging equipment industry in DACH plays a vital role in diagnostics and patient care, involving companies that create advanced imaging technologies. Manufacturers and startups are involved in developing various equipment such as traditional x-ray machines, digital systems, and specialized imaging devices tailored for specific medical conditions. With an increasing focus on early detection and precision medicine, the industry is moving towards integrating AI and machine learning into imaging processes. This evolution promises enhanced accuracy and efficiency in diagnostics, positioning the DACH region as a hub for medical technology innovation.

The DACH region features a robust mix of venture capital investors, including firms specializing in life sciences, medical tech, and advanced technologies. With headquarters in Switzerland, Germany, and Austria, these investors vary in size, from small teams to large organizations. Established between 1972 and 2016, they collectively made over 70 investments in 2024, showcasing their active role in the nascent medical imaging field. Notable investors in this group include Bayern Kapital and b2venture.

Top 14 X-Ray Imaging Equipment Investors in DACH

1. 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 includes sectors such as climate tech, industrial technology, and health & bio. Notably, Verve Ventures has participated in significant transactions within the medical imaging field, including a Series B investment in Therapixel, a company that develops medical imaging software, which is relevant to x-ray imaging. They also led a seed funding round for EarlySight, a startup that may have applications in medical diagnostics. These transactions highlight Verve Ventures' commitment to supporting innovative companies in the health sector, making them a potential investor in x-ray imaging equipment.

2. 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. In recent years, Bayern Kapital has been involved in several notable transactions within the medical imaging context. For instance, they participated in a Series A3 financing round for LUMA Vision, a company focused on 4D cardiac imaging, which raised $22 million to further develop its imaging platform. Additionally, they invested in Ryver, a healthtech startup that aims to enhance radiology diagnostics through generative AI, addressing bias in medical AI applications. These investments highlight Bayern Kapital's commitment to supporting advancements in medical imaging technologies.

3. 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 fund 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 funding rounds for ImaginAb, a clinical stage biotech company that is developing imaging technologies for cancer diagnostics. In 2012, Novartis led a Series A financing round of $12.5 million for ImaginAb, and in 2014, it participated in a Series B funding round that raised $21 million. These transactions highlight the fund's engagement in the imaging technology space, particularly in relation to x-ray imaging applications in oncology.

4. Wellington Partners

• Website: wellington-partners.com
• Type: Venture Capital
• Headquarters: Munich, Bavaria, Germany
• Founded year: 1998
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: 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 sectors such as therapeutics and medical devices. Notably, Wellington Partners has participated in significant funding rounds for companies like SENSIMED, which raised funds to enhance commercialization and approval processes in the medical technology space. Their investment in invendo medical also highlights their commitment to supporting innovative medical devices, which may include imaging technologies. Overall, Wellington Partners is dedicated to helping startups develop breakthrough technologies and achieve market success in the life sciences sector.

5. APEX Ventures

• Website: apex.ventures
• Type: Venture Capital
• Headquarters: Vienna, Vienna, Austria
• Founded year: 2016
• Headcount: 1-10
• Number of deals in 2024: 6
• LinkedIn: apex-vc

APEX Ventures is a venture capital firm based in Vienna, Austria, founded in 2016. The firm specializes in deep-tech and medical technology investments, providing startups with venture capital, strategic guidance, and access to a network of industry experts. APEX Ventures has been involved in several notable transactions in the medical imaging space, including investments in contextflow, a company that utilizes artificial intelligence for medical image analysis, raising significant funding to enhance their offerings in lung CT and other modalities. Additionally, they invested in ImageBiopsy Lab, which focuses on imaging technologies. Their recent investment in Refined Laser Systems, aimed at developing a prototype for cancer diagnosis, also aligns with their focus on medical technology. These transactions highlight APEX Ventures' commitment to supporting innovative companies in the medical imaging sector.

6. 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. They specialize in early-stage investments in innovative startups across various sectors, providing financial backing and support to entrepreneurs. Their collaboration with a community of angel investors enhances their investment strategy, positioning them as a key player in the European venture capital landscape. Notably, b2venture has invested in NVision Imaging Technologies, which raised significant funding in 2024, indicating their active role in the imaging technology sector. Additionally, their involvement in SamanTree Medical, a company focused on cancer surgery and imaging technologies, further demonstrates their commitment to the medical imaging field. These transactions highlight b2venture's interest in supporting advancements in imaging technologies, including x-ray equipment.

7. NRW.BANK

• Website: nrwbank.de
• Type: Venture Capital
• Headquarters: Neunkirchen, North Rhine-Westphalia, Germany
• Founded year: 2002
• Headcount: 1001-5000
• Number of deals in 2024: 10
• LinkedIn: nrw.bank

NRW.BANK is a public entity that serves as the development bank for North Rhine-Westphalia, Germany. Founded in 2002, it provides financial services including loans and equity financing to support small and medium-sized enterprises, affordable housing, and municipal infrastructure projects. The bank plays a crucial role in fostering economic growth and social development in the region. In recent years, NRW.BANK has participated in several funding rounds for companies in the medical technology sector. Notably, it was involved in a Seed funding round for Refined Laser Systems, which raised €2.7 million to develop an intraoperative microscope prototype for cancer diagnosis, highlighting its engagement in the medical imaging field. Additionally, NRW.BANK has invested in other healthcare-related ventures, indicating its broader interest in supporting innovations that can enhance medical diagnostics and treatment.

8. Vi Partners

• Website: vipartners.ch
• Type: Venture Capital
• Headquarters: Altendorf, Schwyz, Switzerland
• Founded year: 2001
• Headcount: 11-50
• Number of deals in 2024: 6
• LinkedIn: vi-partners-ag

Vi Partners is a venture capital firm based in Altendorf, Schwyz, Switzerland, founded in 2001. The firm specializes in providing funding and advisory services to innovative companies primarily in the tech and healthcare sectors across Switzerland and Europe. In 2024, Vi Partners has made six investments, showcasing their active role in supporting startups. Notable transactions include their participation in MedLumics, a medical device company focused on advancing technologies that may relate to imaging, and Vara, an AI platform for breast cancer screening, which indicates their interest in healthcare innovations that could intersect with imaging technologies. Their involvement in JenaValve Technology, which focuses on medical devices, further highlights their commitment to the healthcare sector, although it is not directly related to x-ray imaging. Overall, Vi Partners demonstrates a strategic focus on healthcare innovation, making them a potential investor in the x-ray imaging equipment space.

9. BayBG Venture Capital

• Website: baybg-vc.de
• Type: Venture Capital
• Headquarters: Hirschbach, Bavaria, Germany
• Founded year: 1972
• Headcount: 51-200
• Number of deals in 2024: 3
• LinkedIn: baybg-venture-capital

BayBG Bayerische Beteiligungsgesellschaft mbH is a venture capital firm based in Hirschbach, Bavaria, Germany, founded in 1972. The firm specializes in investing in innovative startups, particularly in Bavaria, and provides venture capital and advisory services to help these startups grow and scale their operations. BayBG has a strong focus on technology companies, leveraging its extensive network and experience to support portfolio companies in navigating market challenges. Notably, BayBG has invested in iThera Medical, a Munich-based medical device company that is developing a MSOT device for routine clinical use, indicating their involvement in the medical imaging sector. They also participated in funding rounds for GME Medical Engineering, which aims to expand its product portfolio in medical technology. These transactions highlight BayBG's commitment to supporting advancements in medical imaging technologies, including x-ray imaging equipment.

10. Siemens Healthineers

• Website: siemens-healthineers.com
• Type: Corporate
• Headquarters: Forchheim, Bavaria, Germany
• Founded year: 1847
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: siemens-healthineers

Siemens Healthineers is a leading medical technology company based in Forchheim, Bavaria, Germany, specializing in healthcare solutions that encompass medical imaging, laboratory diagnostics, and digital services. Founded in 1847, the company has a long history of innovation and collaboration aimed at addressing critical healthcare challenges. In recent years, Siemens Healthineers has made significant strides in the x-ray imaging equipment sector, highlighted by their acquisition of Block Imaging in May 2023, which focuses on providing refurbished medical imaging equipment. This move aims to enhance sustainable options for U.S. hospitals and health systems. Additionally, their involvement in the Series C funding round for ScreenPoint Medical, a company leveraging AI in medical imaging, showcases their commitment to advancing technology in this area. Furthermore, their acquisition of Varian Medical Systems for $16.4 billion in 2020 positions them as a key player in the broader medical imaging and cancer treatment landscape, further solidifying their relevance in the x-ray imaging equipment market.

11. IPF Partners

• Website: ipfpartners.com
• Type: Venture Capital
• Headquarters: Geneva, Geneva, Switzerland
• Founded year: 2011
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: ipf-partners

IPF Partners is a venture capital firm based in Geneva, Switzerland, founded in 2011. The firm specializes in providing growth debt and equity financing tailored to healthcare companies, including those in digital health, biopharma, and medtech. They focus on commercial stage and late development stage companies, offering bespoke financing solutions to help these companies achieve their growth objectives. Among their notable transactions, IPF Partners invested in EOS Imaging, which raised over $17 million in post-IPO debt, indicating their involvement in the x-ray imaging equipment sector. Additionally, they have supported Mauna Kea Technologies, which is also relevant to medical imaging, further demonstrating their engagement in this field. Their investment approach is characterized by a commitment to fostering innovation and growth within the healthcare industry.

12. 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 based in Ingelheim Am Rhein, Germany, founded in 2010. The fund specializes in investing in pioneering science and biotechnology innovations, particularly within the healthcare sector. They provide both capital and expertise to startups, focusing on areas such as immuno-oncology and digital health. Notably, they have participated in several transactions that highlight their interest in imaging technologies. For instance, they invested in ArrePath, a company that integrates AI and imaging technologies in antibiotic research, and in Brainomix, which is developing novel imaging biomarkers for improved treatment strategies in various diseases. These investments demonstrate their commitment to advancing healthcare through innovative imaging solutions.

13. bmp Ventures

• Website: bmp.com
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 1997
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: bmpventures

bmp Ventures AG is a venture capital firm based in Berlin, Germany, founded in 1997. The firm specializes in investing in early-stage and growth startups across various innovative sectors, providing not only financial resources but also strategic advisory services to help startups navigate their growth journey. Their clientele primarily consists of tech companies and entrepreneurs seeking to develop and scale their business models. Notably, bmp Ventures recently participated in a funding round for RAYDIAX, which secured €3.5 million to develop a therapy assistance computed tomography system aimed at minimally invasive cancer treatments. This investment highlights bmp Ventures' involvement in the x-ray imaging equipment industry, showcasing their commitment to supporting innovative healthcare technologies. Other transactions include investments in companies like MR confon, Lab-on-Fiber, and metraTec, although these are less directly related to x-ray imaging.

14. Brainlab

• Website: brainlab.com
• Type: Corporate
• Headquarters: Munich, Bavaria, Germany
• Founded year: 1989
• Headcount: 1001-5000
• LinkedIn: brainlab

Brainlab is a corporate investor based in Munich, Bavaria, Germany, founded in 1989. The company specializes in digital medical solutions aimed at healthcare providers, developing innovative software and hardware technologies to improve surgical and radiation therapy outcomes. Notably, Brainlab has made significant investments in companies that enhance their capabilities in imaging technologies. For instance, their acquisition of medPhoton GmbH in May 2022, a company specializing in robotic imaging solutions for image-guided radiation therapy and surgery, highlights their commitment to advancing imaging technologies. This acquisition aims to enhance the development of the Loop-X mobile imaging robot, which is relevant to x-ray imaging applications. Additionally, Brainlab has invested in other medical technology firms, such as Mint Medical and Jan Medical, further demonstrating their active role in the healthcare technology sector.

X-Ray Imaging Equipment Insights: Key Investors in DACH

Investor	Headquarter	Size	Founded	Deals 2024
Verve Ventures	Zurich, Zurich, Switzerland	11-50	2010	25
Bayern Kapital	Landshut, Bavaria, Germany	11-50	1995	27
Novartis Venture Fund	Basel, Basel, Switzerland	11-50	1996	10
Wellington Partners	Munich, Bavaria, Germany	11-50	1998	9
APEX Ventures	Vienna, Vienna, Austria	1-10	2016	6
b2venture	St. Gallen, St. Gallen, Switzerland	11-50	2000	15
NRW.BANK	Neunkirchen, North Rhine-Westphalia, Germany	1001-5000	2002	10
Vi Partners	Altendorf, Schwyz, Switzerland	11-50	2001	6
BayBG Venture Capital	Hirschbach, Bavaria, Germany	51-200	1972	3
Siemens Healthineers	Forchheim, Bavaria, Germany	10001+	1847	2
IPF Partners	Geneva, Geneva, Switzerland	1-10	2011	1
Boehringer Ingelheim Venture Fund	Ingelheim Am Rhein, Rhineland-Palatinate, Germany	11-50	2010	5
bmp Ventures	Berlin, Berlin, Germany	11-50	1997	3
Brainlab	Munich, Bavaria, Germany	1001-5000	1989	0

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