The respiratory device industry in DACH focuses on innovative technologies aimed at improving breathing and lung health. This sector is populated by companies ranging from start-ups creating novel diagnostic tools to established firms producing ventilators and inhalers. With a growing elderly population and rising respiratory disorders, the industry is seeing increased demand. Companies are investing in digital health solutions to monitor and manage respiratory illnesses more effectively. Recent advancements in telemedicine and AI integration are shaping the future of respiratory care, indicating a trend toward personalized treatment and remote patient management.


The list of investors includes a mix of corporate giants and specialized venture capital firms headquartered in DACH. These investors, sized 11-50 to over 10,000 employees, have been active in the market with 2024 deal counts ranging from 2 to 29. Established between 1993 and 2016, the investors demonstrate a strong commitment to the healthcare sector, notably in respiratory devices. Their strategic capital infusion supports startups and growth-stage companies, propelling advancements in respiratory technology and improving patient care.


Top 16 Respiratory Device 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

The 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. The firm has been involved in several significant transactions in the respiratory device context, including investments in Pulmatrix, Inc., which is developing therapies for COPD and cystic fibrosis, and Enterprise Therapeutics, which is also focused on respiratory conditions. Their investment in Ablation Frontiers, while not exclusively respiratory, indicates a broader interest in medical devices that may intersect with respiratory health. Overall, the Novartis Venture Fund is committed to advancing projects that can improve patient outcomes in the life sciences sector, including respiratory health.


2. HBM Healthcare Investments AG


HBM Healthcare Investments AG is a venture capital firm based in Zug, Switzerland, specializing in the healthcare sector. Founded in 2001, the firm manages a diversified portfolio of healthcare companies, focusing on human medicine, biotechnology, medical technology, and diagnostics. In recent years, HBM has participated in several funding rounds for companies like Vascular Dynamics, which is a medical device company. Their involvement in Vascular Dynamics, which has raised multiple rounds of funding, indicates their commitment to investing in innovative medical technologies. This aligns with their goal of providing growth opportunities in the rapidly evolving healthcare market.


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 pharmaceutical company based in Basel, Switzerland, founded in 1996. The company develops and manufactures innovative medicines targeting serious diseases across various therapeutic areas. Novartis emphasizes research and development to improve patient outcomes globally. Notably, Novartis has participated in several significant transactions, including a Series A funding round for NuvoAir, which raised $12 million to expand its digital care platform for respiratory health. This investment aligns with Novartis's commitment to advancing healthcare technologies. Additionally, Novartis has been involved in other funding rounds, such as those for YourBio Health, Credence MedSystems, and Freenome, showcasing its broad investment strategy in healthcare innovation.


4. 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 focus spans several sectors, including climate tech, industrial technology, and health & bio. Notably, Verve Ventures has invested in Sleepiz, a Zurich-based startup that raised €4M in its Series A funding round, aimed at expanding its portfolio of sleep monitoring devices, which are classified as medical devices under European regulations. This investment highlights Verve Ventures' commitment to supporting innovative health solutions, particularly in the respiratory device space. Additionally, they have participated in funding rounds for Hylomorph, which, while not directly related to respiratory devices, showcases their broader interest in health technology.


5. 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 have invested in Photonics Healthcare, which operates in the healthcare space, and Reactive Robotics, a company focused on robotic assistance for intensive care patients. Most relevantly, they participated in a seed financing round for Ebenbuild, a healthtech company developing a lung simulation prototype aimed at gaining approval as a medical device. This involvement highlights their commitment to advancing technologies in the respiratory device sector.


6. Wellington Partners


Wellington Partners is a venture capital firm based in Munich, Bavaria, Germany, founded in 1998. The firm specializes in life sciences, investing in 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 participated in several funding rounds for companies like Quanta, which focuses on dialysis devices, indicating their active role in the medical technology space. Their investment in invendo medical, which is involved in developing medical devices, further demonstrates their commitment to supporting innovative startups in the medical field. This experience positions them as a potential investor in the respiratory device industry, as they are well-versed in the dynamics of medical device development and commercialization.


7. 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, the firm focuses on providing capital and strategic support to fast-growing healthcare companies, helping them scale and succeed in the market. SHS Capital has been involved in several significant transactions within the healthcare sector, including the acquisition of TNI Medical, which is known for its innovations in medical technology, potentially including respiratory devices. They also participated in a funding round for NDD Medizintechnik, a company that specializes in respiratory diagnostics, indicating their active role in the respiratory device industry. Their diverse portfolio and strategic investments in healthcare make them a notable player in the sector.


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, Germany. The fund specializes in investing in pioneering science and biotechnology innovations, particularly in the healthcare sector. They provide both capital and expertise to startups, focusing on areas such as immuno-oncology and digital health. Notably, they have invested in companies like Brainomix, which is expanding its AI-enabled platform to develop novel imaging biomarkers for better treatment of lung fibrosis and cancer, indicating a potential interest in respiratory health. Additionally, their investment in Bodyport, which focuses on sensor technologies for health monitoring, reflects their commitment to innovative health solutions. Overall, their diverse portfolio suggests a willingness to explore various healthcare innovations, including those related to respiratory devices.


9. 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, specializing in early-stage investments within the life sciences sector. Founded in 2003, the firm focuses on supporting biotech startups by providing capital and strategic guidance to help them develop innovative medical solutions. Their investment portfolio includes notable transactions such as Miracor Medical, which has raised multiple funding rounds (Series B, C, and D) for its PiCSO impulse system, a technology that, while primarily cardiovascular, showcases their engagement in advanced medical technologies. Additionally, they have invested in TRiCares, which raised significant funding for product development and clinical trials, indicating their commitment to supporting companies that are developing health technologies. While their current focus may not be explicitly on respiratory devices, their expertise in the life sciences sector positions them as a potential investor in this area.


10. HBM Partners AG


HBM Partners AG is an investment management firm based in Zug, Switzerland, specializing in healthcare investments. Founded in 2001, the firm focuses on venture, growth, and buy-out financing for private companies, as well as public company investments in the biopharma, medtech, diagnostics, and healthcare sectors. HBM Partners serves institutional and professional clients, providing capital and strategic support to enhance value creation. Among their notable transactions, they have invested in Upstream Bio, which is developing treatments for asthma and chronic rhinosinusitis, indicating their engagement in the respiratory health space. Additionally, they have been involved in various other healthcare investments, showcasing their broad focus within the sector.


11. Earlybird Venture Capital


Earlybird Venture Capital is a venture capital firm based in Germany, founded in 1997, that specializes in investing in European technology innovators. They provide financial resources and strategic support to startups, particularly in the digital health and deep tech sectors. Earlybird has been active in the healthcare space, with notable investments including Alesi Surgical, which raised funds to expand its proprietary technology platform, Ultravision, and Miracor Medical, which raised over $28 million in a Series E round. These investments highlight Earlybird's commitment to nurturing early-stage companies that are developing innovative medical technologies, including those that may impact respiratory health.


12. Endeavour Vision

  • Website: endeavourvision.com
  • Type: Venture Capital
  • Headquarters: Geneva, Geneva, Switzerland
  • Founded year: 2000
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: vision-capital

Endeavour Vision is a venture capital firm based in Geneva, Switzerland, founded in 2000. The firm specializes in healthcare technology, providing investment and strategic guidance to innovators in the healthcare sector. Endeavour Vision supports companies that aim to improve patient care and modernize healthcare systems. Among their notable transactions, they participated in a significant funding round for Nuvaira, a company developing a Lung Denervation System, which highlights their engagement in the respiratory device industry. They have also been involved in funding rounds for other healthcare technology companies, such as V-Wave and VertiFlex, indicating a diverse portfolio within the healthcare sector.


13. 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, specializing in early-stage investments in health tech startups. Founded in 2020, the firm emphasizes supporting purpose-driven founders by providing capital, networking opportunities, and strategic guidance to help navigate the competitive health tech landscape. Their portfolio includes a variety of teams addressing sensitive health issues. Notably, Calm/Storm has invested in Visible, a startup that raised $1 million in pre-seed funding to tackle long Covid and other chronic conditions through wearable technology. This investment highlights their commitment to addressing respiratory health challenges. Additionally, they have participated in other health tech investments, such as Panazee, Livv Health, heyvie, and Little Journey, further demonstrating their active role in the health tech sector.


14. 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. Notably, NRW.BANK has been involved in significant transactions within the healthcare sector, particularly in respiratory devices. For instance, it participated in the Series A funding rounds for Hemovent, a company that specializes in respiratory support technologies, contributing to its growth and innovation in this critical field. Additionally, NRW.BANK has engaged in other funding activities, such as supporting Prothea Technologies, which may also have relevance in the healthcare space. These transactions highlight NRW.BANK's active role in investing in the respiratory device industry, alongside its broader economic development objectives.


15. 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 in the tech and healthcare sectors, primarily operating in Switzerland and Europe. In recent years, Vi Partners has participated in several notable transactions within the healthcare space. For instance, they were involved in the funding rounds for JenaValve Technology, which focuses on medical devices for heart valve disease, and MedLumics, a company that is advancing medical device technology. These transactions highlight Vi Partners' commitment to supporting innovative healthcare solutions, positioning them as a significant player in the medical device investment landscape.


16. 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, including a seed investment in Upfront Diagnostics, which focuses on blood-based diagnostic technology for identifying large artery strokes. This investment reflects their commitment to supporting innovative medical technologies. Additionally, they participated in funding rounds for Solvemed Group and Solvemed Limited, companies developing diagnostic technologies, although not specifically in the respiratory device sector. Their diverse portfolio and focus on medical technology suggest a potential interest in respiratory devices as part of their broader investment strategy.



Respiratory Device Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
Novartis Venture FundBasel, Basel, Switzerland11-50199610
HBM Healthcare Investments AGZug, Zug, Switzerland1001-500020018
NovartisBasel, Basel, Switzerland10001+19967
Verve VenturesZurich, Zurich, Switzerland11-50201025
Bayern KapitalLandshut, Bavaria, Germany11-50199527
Wellington PartnersMunich, Bavaria, Germany11-5019989
SHS CapitalGermany11-5019932
Boehringer Ingelheim Venture FundIngelheim Am Rhein, Rhineland-Palatinate, Germany11-5020105
BiomedVCBasel, Basel, Switzerland1-1020032
HBM Partners AGZug, Zug, Switzerland11-5020010
Earlybird Venture CapitalGermany51-200199729
Endeavour VisionGeneva, Geneva, Switzerland11-5020002
Calm/StormVienna, Vienna, Austria1-10202013
NRW.BANKNeunkirchen, North Rhine-Westphalia, Germany1001-5000200210
Vi PartnersAltendorf, Schwyz, Switzerland11-5020016
APEX VenturesVienna, Vienna, Austria1-1020166


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