The medical imaging industry in the Nordics is vital for healthcare, focusing on the development of technologies to visualize and diagnose medical conditions. Companies range from startups working on AI-driven imaging solutions to established firms producing imaging equipment, like MRI and CT scanners. The industry is rapidly embracing innovations in artificial intelligence and machine learning, enhancing diagnostic capabilities and patient outcomes. As technology evolves, collaborations between hospitals and tech-driven firms are becoming common, aiming to improve accuracy and efficiency in diagnosis. The Nordic region’s robust healthcare systems provide a ripe environment for investment and growth in medical imaging solutions.


The list features 19 prominent investors in the medical imaging space, comprising private equity firms, venture capitalists, and corporate investors. Their headquarters span key Nordic hubs like Stockholm, Hellerup, and Trondheim. Founded as early as 1979, these investors collectively initiated 133 deals in 2024, showcasing their active participation in the industry. Investor sizes vary significantly, with some firms managing hundreds of millions while others focus on niche markets. This overview reveals interesting insights into the evolving investment landscape supporting innovative medical imaging initiatives across the region.


Top 19 Medical Imaging Investors in the Nordics


1. 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. Notably, Novo Holdings has been involved in significant transactions within the medical imaging sector, such as leading a $40 million funding round for Qure AI, an AI-driven healthcare company that specializes in medical imaging technologies. They also participated in a $65 million Series D funding for Qure AI in June 2024, further solidifying their commitment to advancing medical imaging solutions. Additionally, their investment in Amra, a digital health company, highlights their interest in innovative health technologies that may include applications in medical imaging. Overall, Novo Holdings plays a vital role in supporting the growth of companies that are pivotal to the medical imaging industry.


2. 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 technology space. These transactions highlight Almi's commitment to supporting innovation in medical imaging and related fields.


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 prominent investment firm founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant strides in the medical imaging sector, highlighted by their acquisition of I-MED Network Radiology in 2014, which is the largest radiology provider in Australia, operating 200 clinics and holding a substantial share of the $3 billion diagnostic imaging market. Additionally, EQT's involvement in the funding of Vara, a Berlin-based AI breast cancer screening platform, showcases their commitment to advancing medical imaging technologies. These transactions reflect EQT's strategic interest in enhancing healthcare services and technologies, particularly in the field of medical imaging.


4. HealthCap

  • Website: healthcap.eu
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1996
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: healthcap

HealthCap is a venture capital firm based in Stockholm, Sweden, specializing in the life sciences sector. Founded in 1996, HealthCap invests in and supports innovative companies developing breakthrough therapies for diseases with high unmet medical needs. They have a strong track record of investments in various life sciences companies, including notable transactions in the medical technology field. For instance, HealthCap invested in Nexstim, a medical technology company that raised significant funding to enhance its international sales and marketing efforts. Additionally, they participated in funding rounds for Precirix, a clinical-stage biotechnology company developing precision radiopharmaceuticals, which are crucial for oncology imaging. These investments highlight HealthCap's commitment to advancing medical technologies that intersect with medical imaging.


5. Seed Capital Denmark

  • Website: seedcapital.dk
  • Type: Venture Capital
  • Headquarters: Frederiksberg, Frederiksberg, Denmark
  • Founded year: 2004
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: seed-capital-denmark

Seed Capital Denmark is a venture capital firm based in Copenhagen, specializing in providing seed funding and advisory services to technology startups in Denmark. Founded in 2004, the firm has a strong track record of successful investments, particularly in sectors such as SaaS and Fintech. Notably, Seed Capital has invested in Curasight A/S, a company that raised funds in both 2013 and 2017, focusing on cancer diagnostics and imaging technologies. Additionally, they have supported Nanovi, a developer of cancer treatment products, which further aligns with the medical imaging context. With a commitment to supporting portfolio companies from seed stage to exit, Seed Capital demonstrates a capacity to engage with innovative medical imaging solutions.


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 emphasis on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, focusing on creating long-term value and sustainability. Among its notable transactions in the healthcare sector, Nordic Capital acquired ERT Clinical, a provider of patient data collection solutions for clinical drug development, in 2016. Additionally, in 2023, they acquired a majority share in Corpuls, a German medical technology company specializing in emergency medical solutions. These investments highlight Nordic Capital's commitment to enhancing healthcare technologies, including those relevant to medical imaging.


7. Investinor

  • Website: investinor.no
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. It specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Notably, Investinor has been involved in several transactions relevant to the medical imaging sector, including Cimon Medical, a Trondheim-based startup specializing in ultrasound technology, which raised funding in a seed round. Additionally, they have invested in SpinChip Diagnostics and Dele Health Tech, both of which are engaged in health technology, further demonstrating their commitment to the medical imaging and health tech industries.


8. 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 firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has participated in several relevant transactions in the medical imaging context, including investments in Amra, a digital health company focused on health diagnostics, and Combinostics, which develops platforms for early-stage Alzheimer’s diagnosis. Their involvement in these companies demonstrates a commitment to advancing medical imaging and diagnostics technologies, aligning with their goal of creating long-term value through partnerships with passionate founders.


9. Innovestor

  • Website: innovestorgroup.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2014
  • Headcount: 11-50
  • Number of deals in 2024: 12
  • LinkedIn: innovestor

Innovestor is an investment management company based in Helsinki, Uusimaa, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, Innovestor provides funding and support to early-stage startups and corporations, with a strong emphasis on technology and life sciences. They offer services such as investment advice, corporate venturing, and participation in accelerator programs. Innovestor has been involved in several notable transactions in the medical technology sector, including leading a €1.2 million funding round for Maculaser, a startup focused on medical imaging solutions. They also invested €3.4 million in Ward 24/7, a medtech company, indicating their commitment to advancing medical technologies. Their investment in Synoste, a medical device company, further highlights their active role in the medical imaging and technology landscape.


10. Hadean Ventures

  • Website: hadeanventures.com
  • Type: Venture Capital
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2014
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: hadean-ventures

Hadean Ventures is a venture capital firm based in Oslo, Norway, specializing in the life sciences sector. Founded in 2014, the firm manages approximately EUR 230 million in assets and focuses on investing in healthcare startups to support the development of innovative medical solutions. Notable transactions include their investment in SAGA Diagnostics, which raised significant funding to accelerate the commercialization of ultrasensitive cancer liquid biopsies and expand its diagnostic capabilities. Additionally, Hadean Ventures participated in the Series A funding for Neuro Event Labs, a company dedicated to advancing epilepsy diagnostics. These investments highlight Hadean Ventures' commitment to supporting technologies that are integral to medical imaging and diagnostics, reinforcing their role as a key player in the healthcare investment landscape.


11. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs, providing business guidance, financing, and community networking. Chalmers Ventures has been actively involved in the medical imaging sector, particularly through their investments in Elypta, a molecular diagnostics spinout from Chalmers University of Technology. They participated in several funding rounds for Elypta, including a $21 million Series A round in June 2022, a €6.1 million late seed funding round in December 2019, and a pre-seed round in June 2018. Additionally, they have made smaller investments in other health-related startups, such as Beat Vascular Health and Navari, indicating a broader interest in health tech and medical imaging innovations.


12. Sunstone Life Science Ventures


Sunstone Life Science Ventures is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investments in early-stage life science companies, focusing on innovations in therapeutics, medical technology, and diagnostics. Sunstone provides funding and business development support to help its portfolio companies navigate the path from research to market. Notably, they have been involved in several transactions relevant to the medical technology sector, including investments in JenaValve Technology, which raised significant funding across multiple rounds (Series B and C) to support clinical trials and regulatory approvals for their medical devices. Additionally, their investment in Acarix, which focuses on diagnostic solutions, further highlights their commitment to advancing medical technologies that could intersect with medical imaging.


13. Medicover

  • Website: medicover.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1995
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: medicover

Medicover is a corporate investor based in Stockholm, Sweden, founded in 1995. It operates a comprehensive network of medical clinics, hospitals, and laboratories primarily in Central and Eastern Europe and India, serving both individual consumers and corporate clients. Medicover specializes in diagnostic and healthcare services, which are critical components of modern medical imaging. In 2024, Medicover announced the acquisition of SYNLAB Cyprus Ltd, a move that is expected to enhance its diagnostic capabilities, including medical imaging. Additionally, the acquisition of the IFLB Group during insolvency proceedings demonstrates Medicover's commitment to maintaining and expanding its healthcare services, which likely includes imaging services. The acquisition of CDT Medicus Group in Poland and Pelican Hospital in Romania further illustrates Medicover's strategy to enhance its healthcare offerings, potentially integrating advanced imaging technologies into its operations. Overall, Medicover's focus on diagnostics and its recent transactions position it as a relevant player in the medical imaging sector.


14. 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. Inventure has been involved in several notable transactions in the medical technology space, including Hedera Dx, a Swiss techbio company that raised €14 million to develop a blood-based testing solution for cancer DNA profiling, and Blueprint Genetics, a Finnish genetic testing company that has received multiple rounds of funding. These investments highlight Inventure's commitment to supporting innovative solutions in the medical imaging and diagnostics fields, alongside their broader investment strategy in technology startups.


15. ADDvise

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

ADDvise Group AB is a corporate investor based in Stockholm, Sweden, specializing in advanced medical technology and laboratory solutions. Founded in 1989, the company serves healthcare facilities and research institutions by providing 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. Recently, ADDvise has made significant strides in the medical imaging sector, highlighted by its acquisition of X-Ray Cassette Repair Company Inc. for USD 14.75 million, which focuses on X-ray equipment repair. Additionally, the acquisition of Southern Life Systems, a leader in the long-term care medical device market, and Innovative Endoscopy Components, LLC, further showcases ADDvise's commitment to enhancing its capabilities in the healthcare sector, including medical imaging. These strategic acquisitions position ADDvise as a key player in the medical imaging industry.


16. 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, Uusimaa, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures, with a focus on life sciences and advanced manufacturing. Voima Ventures has been actively supporting startups in various sectors, including medical imaging. Notably, they participated in the funding rounds for MVision AI, a company that has developed a cloud-based AI-powered radiotherapy planning solution for cancer treatment. In March 2023, Voima Ventures led a post-seed financing round for MVision AI, raising €5.4 million to enhance their platform for cancer treatment. This involvement highlights Voima Ventures' commitment to advancing technologies that intersect with medical imaging, particularly in the context of cancer care.


17. AddLife AB

  • Website: add.life
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2016
  • Headcount: 1001-5000
  • Number of deals in 2024: 3
  • LinkedIn: addlife-ab

AddLife AB is a Swedish corporate investor based in Stockholm, founded in 2016. The company operates in the Life Science sector, focusing on Labtech and Medtech, providing high-quality medical technology products, assistive equipment, and laboratory solutions primarily to healthcare providers, hospitals, and research institutions across Europe. AddLife has been active in expanding its portfolio through strategic acquisitions, including Biomedica Medizinprodukte GmbH, which enhances their presence in the European market, and Emmat Medical, an independent distributor of surgical instruments in the UK. These transactions reflect AddLife's commitment to strengthening its offerings in the medical technology space, which is closely related to medical imaging. Their decentralized business model allows subsidiaries to maintain flexibility while benefiting from AddLife's resources, positioning them as a significant player in the medical technology sector.


18. Covidien Finland Oy


Covidien Finland Oy, founded in 2007 and based in Helsinki, Uusimaa, Finland, is a corporate investor and a subsidiary of Medtronic, a leading healthcare technology provider. The company specializes in innovative medical devices and therapies, focusing on enhancing treatment outcomes and improving patient care. Covidien has been involved in several significant acquisitions that highlight its commitment to the medical device sector, particularly in areas related to medical imaging. Notable transactions include the acquisition of Given Imaging in December 2013 for approximately $860 million, which significantly expanded their gastrointestinal solutions business and included imaging technologies. Additionally, the acquisition of BARRX Medical in November 2011 further emphasizes their involvement in medical devices that may include imaging components. Other acquisitions, such as Scandius BioMedical and Reverse Medical, also reflect their strategic focus on enhancing their medical device portfolio, which may encompass imaging technologies.


19. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments in startups across various sectors, providing financial backing and advisory services to entrepreneurs. Lifeline Ventures focuses on supporting resilient founders from the inception of their ventures. Notably, they have invested in Synoste Oy, a Finnish medical device company that has raised over €10 million for clinical investigations and the development of new clinical applications. Their investments in Synoste include multiple funding rounds aimed at advancing medical technology, particularly in limb-lengthening implants, which are relevant to the medical imaging field. Additionally, they have been involved in funding rounds for other medical technology companies, such as ArcDia and Sooma, further showcasing their engagement in the medical sector.



Medical Imaging Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
HealthCapStockholm, Stockholm, Sweden11-5019965
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
InvestinorTrondheim, Trøndelag, Norway11-5020084
IndustrifondenStockholm, Stockholm, Sweden11-5019799
InnovestorHelsinki, Uusimaa, Finland11-50201412
Hadean VenturesOslo, Oslo, Norway11-5020141
Chalmers VenturesSweden11-50201526
Sunstone Life Science VenturesCopenhagen, Denmark1-1020071
MedicoverStockholm, Stockholm, Sweden10001+19952
InventureHelsinki, Uusimaa, Finland11-5020059
ADDviseStockholm, Stockholm, Sweden501-100019890
Voima VenturesHelsinki, Uusimaa, Finland11-50201911
AddLife ABStockholm, Stockholm, Sweden1001-500020163
Covidien Finland OyHelsinki, Uusimaa, Finland51-20020070
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914


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