The medical imaging industry in Europe is an innovative sector focused on developing technologies and equipment that enhance patient diagnosis and treatment. Companies range from large multinational corporations to nimble start-ups, offering products such as MRI machines, ultrasound devices, and advanced imaging software. The industry is experiencing robust growth, driven by advancements in artificial intelligence and digital imaging, which streamline operations and improve accuracy. With an increasing demand for early disease detection and personalized medicine, medical imaging technology is expected to play a pivotal role in the healthcare landscape, transforming how healthcare professionals understand and treat various medical conditions.


The investors in this list comprise a mix of corporate entities and venture capital firms, predominantly located in Switzerland and France. Established leaders like Novartis and emerging firms such as Bpifrance French Tech Accélération have made noteworthy contributions within the medical imaging arena. While the investor sizes range from small teams to vast organizations, 2024 saw deal counts from several firms reaching impressive totals—Scottish Enterprise led with 55 transactions, reflecting a vibrant interest in medical imaging innovations. Founded over several decades, each investor brings unique expertise to drive advancements in this critical sector.


Top 17 Medical Imaging Investors in Europe


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers a range of funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to promote innovation in various sectors. Notably, the EIC has been involved in funding medical imaging companies, such as iThera Medical, which raised €13M in a Series D funding round with EIC Fund participation, aimed at developing a novel MSOT device for clinical use. Additionally, iThera Medical received grants and venture funding from the EIC, highlighting its role in advancing medical imaging technologies. Another example is KinePict, which also received grants and venture funding from the EIC, further demonstrating the council's commitment to supporting innovation in the medical imaging space.


2. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a venture capital firm based in Paris, Île-De-France, France, founded in 2015. As a public entity and financial institution, Bpifrance supports entrepreneurs and businesses in France and internationally through various services, including direct funding, export credit insurance, and private equity investments. The firm aims to foster entrepreneurship and innovation, helping businesses navigate growth and international expansion. In the medical imaging sector, Bpifrance has been involved in significant transactions, such as participating in a funding round for Pixyl, a French medical imaging company that raised €2.2 million to accelerate the marketing of its Pixyl.Neuro software suite. Additionally, Bpifrance was part of the financing round for Incepto Medical, which raised €27 million to expand its AI-enhanced medical imaging solutions across Europe. These transactions highlight Bpifrance's active role in supporting innovation within the medical imaging industry.


3. SBRI Healthcare

  • Website: sbrihealthcare.co.uk
  • Type: Corporate
  • Headquarters: Twickenham, England, United Kingdom (UK)
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: sbri-healthcare

SBRI Healthcare is a not-for-profit healthcare innovation program based in Twickenham, England, founded in 2009. The organization provides funding and support to innovators and entrepreneurs who are addressing unmet health and care needs within the NHS and social care system. SBRI Healthcare aims to accelerate the development of innovative technologies and solutions that improve patient care and increase efficiencies in healthcare delivery. Notably, SBRI Healthcare has been involved in funding several projects relevant to medical imaging, including a significant grant to Qure.ai for its cancer detection technology, which highlights their commitment to advancing healthcare solutions in this area. Additionally, they have supported Lightpoint Medical, which has received multiple grants for its imaging technologies, further emphasizing their role in the medical imaging sector.


4. 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, the firm specializes in investing in life science companies at various stages of development, providing both capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has been involved in significant transactions within the medical imaging sector, including a $65 million Series D funding round for Qure AI in June 2024, which focuses on AI-driven healthcare solutions, including medical imaging technologies. They also led a $40 million funding round for Qure AI in March 2022, further solidifying their commitment to advancing medical imaging through innovative technology. Additionally, their investment in Amra, a digital health company, highlights their broader interest in healthcare innovations that may intersect with medical imaging. Overall, Novo Holdings plays a vital role in supporting advancements in medical imaging and related technologies.


5. DigitalHealth.London


DigitalHealth.London is a not-for-profit organization based in London, England, founded in 2016. It connects NHS staff, digital health companies, and academics to enhance health and care through digital innovation. The organization offers various programs, including the Accelerator and Digital Pioneer Fellowship, to support the adoption of digital solutions in the NHS. Notably, DigitalHealth.London has been involved in several transactions relevant to the medical imaging sector, such as investing in Ibex Medical Analytics, which specializes in AI-driven pathology imaging, and Odin Vision, which focuses on imaging solutions for endoscopy. Other investments include Panakeia Technologies and Skin Analytics, which, while not exclusively in medical imaging, contribute to the digital health landscape that encompasses imaging technologies.


6. Agoranov

  • Website: agoranov.com
  • Type: Corporate
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 2000
  • Headcount: 11-50
  • Number of deals in 2024: 42
  • LinkedIn: agoranov

Agoranov is a startup incubator based in Paris, Île-De-France, France, founded in 2000. They specialize in supporting technology and science startups through personalized assistance, fully equipped facilities, and acceleration programs. With a focus on early-stage startups, Agoranov has been involved in various sectors, including medical imaging. Notable transactions include investments in Gleamer, which focuses on AI-driven medical imaging solutions, DAMAE Medical, which develops innovative imaging technologies for dermatology, and Qynapse, which specializes in neuroimaging analysis. These transactions highlight Agoranov's active role in fostering innovation within the medical imaging industry, alongside their broader investment strategy.


7. 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, that specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises. Founded in 1994, Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Notably, Almi has made several investments in the medical imaging sector, including a seed round investment in Profundus Imaging, which raised over $1 million in January 2021, and funding for Micropos Medical AB, which received SEK 4 million in December 2012. Additionally, Almi has invested in BiBBInstruments, which also operates in the medical field, further demonstrating its commitment to supporting innovation in medical imaging and related technologies.


8. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services aimed at supporting sustainable projects across various sectors. In recent years, EIB has been involved in several significant transactions within the medical imaging industry. For instance, it provided post-IPO debt financing to Median Technologies, raising over $39 million in both 2019 and 2025. Additionally, EIB supported medneo with approximately $35 million in debt financing in 2017, and NVision Imaging Technologies received around $16 million in debt financing in 2024. Furthermore, Robocath secured about $17 million in debt financing from EIB in 2021. These transactions highlight EIB's active role in financing innovative medical imaging companies, demonstrating its commitment to advancing healthcare technologies.


9. Sofinnova Partners


Sofinnova Partners is a venture capital firm based in Paris, Île-De-France, France, founded in 1972. The firm specializes in life sciences investments, focusing on supporting innovative healthcare startups through funding and strategic guidance, particularly in the biopharma and medtech sectors. Sofinnova Partners has been involved in several significant transactions in the medical imaging context, notably with RefleXion Medical, which raised substantial funding across multiple rounds (Series A to Series D) totaling over $100 million. This company is known for its advancements in medical imaging technology. Additionally, their recent investment in deepc, which raised $13 million in Series A funding in July 2024, indicates their ongoing commitment to the medical imaging and healthcare technology sectors. Overall, Sofinnova Partners plays a crucial role in fostering scientific advancements and sustainability in healthcare, making them a relevant investor in the medical imaging industry.


10. Enterprise Ireland


Enterprise Ireland is a public entity that serves as the Irish government's enterprise development agency, founded in 1998. It supports Irish businesses at all stages of their growth journey by providing funding, advisory services, and market access assistance. The agency focuses on helping companies scale and compete internationally across various industries, including technology and manufacturing. Notably, Enterprise Ireland has participated in several transactions relevant to the medical imaging sector, such as their investment in xWave Technologies, which raised €1.3 million in seed funding for the development of a smart radiology referral platform. Additionally, they were involved in the funding round for LUMA Vision, a medical device company, showcasing their active role in supporting medical technology innovations. These transactions highlight Enterprise Ireland's commitment to fostering growth in the medical imaging industry.


11. 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. The fund has been involved in several significant transactions, particularly in the medical imaging space. For instance, it led the Series A and Series B funding rounds for ImaginAb, a company dedicated to developing imaging agents for prostate cancer, raising a total of $33.5 million across these rounds. Additionally, the fund participated in the Series C financing for Ablation Frontiers, which is involved in developing medical devices that may intersect with imaging technologies. These transactions highlight the fund's commitment to advancing medical imaging innovations within the broader life sciences sector.


12. Scottish Enterprise


Scottish Enterprise is a public entity established in 1991, dedicated to fostering economic development in Scotland. With a workforce of 1001-5000, it provides a variety of services, including funding, business development advice, and support for innovation and exports. Notably, Scottish Enterprise has been involved in several key transactions in the medical imaging sector, such as a Series A investment in Edinburgh Molecular Imaging, which raised $6,563,144 in 2014, and leading a seed funding round for Blackford Analysis, a software developer in the medical sector, which raised £800k in 2012. Additionally, it has supported Canon Medical Research through a grant of approximately $2.66 million in 2018. These transactions highlight Scottish Enterprise's active role in promoting growth and innovation within the medical imaging industry.


13. Life Sciences Partners (LSP)

  • Website: lspvc.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1987
  • Headcount: 11-50
  • Number of deals in 2024: 15
  • LinkedIn: lsp-bioventures

Life Sciences Partners (LSP) is a venture capital firm based in Amsterdam, Netherlands, founded in 1987. The firm specializes in private equity investments within the healthcare sector, connecting investors with innovative healthcare companies. LSP focuses on drug development and medical technology, aiming to foster advancements that address unmet medical needs. Notably, LSP has been involved in significant transactions in the medical imaging context, such as leading funding rounds for LUMA Vision, a company specializing in 4D cardiac imaging. LSP's investments in LUMA Vision include a $17 million funding round in 2020 and a $22 million Series A3 financing in 2023, highlighting their active role in supporting medical imaging innovations. Additionally, LSP has invested in Nexstim, a medical technology company, further showcasing their commitment to the healthcare sector.


14. 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. HBM Healthcare Investments actively seeks growth opportunities in the rapidly evolving healthcare market. Notably, they have participated in significant funding rounds for companies like Karius, which focuses on genomic diagnostics that can be relevant to medical imaging, and Freenome, which is involved in cancer detection through advanced diagnostic methods. Their investment strategy reflects a commitment to advancing healthcare technologies, including those that may intersect with medical imaging.


15. 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 that address 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 industry. Notably, they participated in a $11.5M Series B financing round for Deciphex, an Irish start-up that is revolutionizing clinical and non-clinical pathology through digital pathology and AI, which are critical components of medical imaging. Additionally, Novartis invested in Cleerly, which focuses on cardiovascular imaging, as part of a $192 million Series C financing round. These transactions highlight Novartis's strategic interest in advancing medical imaging technologies and their applications in healthcare.


16. Abingworth

  • Website: abingworth.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1973
  • Headcount: 11-50
  • Number of deals in 2024: 6
  • LinkedIn: abingworth

Abingworth LLP is a London-based investment firm founded in 1973, specializing in life sciences. The firm focuses on providing capital and strategic support to biopharmaceutical companies, aiding them in the development of innovative treatments. Abingworth employs a multi-pronged investment strategy, including venture investments and clinical co-development financing. Notably, they have been involved in significant transactions within the medical imaging sector, such as their investments in Median Technologies, which raised over $22 million in post-IPO equity in both 2014 and 2015. This involvement highlights their commitment to supporting advancements in medical imaging technology, making them a key player in this field.


17. Andera Partners

  • Website: anderapartners.com
  • Type: Private Equity
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1953
  • Headcount: 51-200
  • Number of deals in 2024: 10
  • LinkedIn: anderapartners

Andera Partners is a private equity firm based in Paris, Île-De-France, France, founded in 1953. The firm specializes in investment management, focusing on providing financial support and strategic guidance to companies across various sectors, including life sciences and infrastructure. Andera Partners has a diverse portfolio, with a notable emphasis on medical imaging. They have participated in significant funding rounds for companies such as EOS Imaging, which raised $18 million in 2007, and SuperSonic Imagine, which secured $25.7 million in Series B funding in 2008 and $44.7 million in a later round in 2010. Additionally, they were involved in the recent funding of Resonance Imaging Group in 2022 and supported MedLumics in 2021, a medical device company focused on regulatory clinical studies. These transactions highlight Andera Partners' active role in advancing medical imaging technologies and their commitment to fostering innovation in this critical sector.



Medical Imaging Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
SBRI HealthcareTwickenham, England, United Kingdom (UK)11-5020093
Novo HoldingsHellerup, Denmark51-200199945
DigitalHealth.LondonLondon, England, United Kingdom (UK)11-5020161
AgoranovParis, Île-De-France, France11-50200042
AlmiStockholm, Stockholm, Sweden201-50019947
European Investment Bank (EIB)Luxembourg1001-5000195899
Sofinnova PartnersParis, Île-De-France, France51-200197225
Enterprise IrelandDublin, Dublin, Ireland501-1000199848
Novartis Venture FundBasel, Basel, Switzerland11-50199610
Scottish EnterpriseGlasgow, Scotland, United Kingdom (UK)1001-5000199155
Life Sciences Partners (LSP)Amsterdam, North Holland, Netherlands11-50198715
HBM Healthcare Investments AGZug, Zug, Switzerland1001-500020018
NovartisBasel, Basel, Switzerland10001+19967
AbingworthLondon, England, United Kingdom (UK)11-5019736
Andera PartnersParis, Île-De-France, France51-200195310


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