The surgical device industry in the DACH region (Germany, Austria, Switzerland) plays a pivotal role in global healthcare innovations. It involves a wide array of companies designing, manufacturing, and distributing devices for surgical procedures, from basic tools to advanced robotics. Firms are increasingly focused on minimally invasive techniques and smart technologies to improve patient outcomes and operational efficiency. With rising healthcare demands and technological advancements, the market is expected to grow significantly. Notably, the region's emphasis on research and development spurs innovation, making it an exciting hub for surgical device advancements.


The list represents a varied group of 19 investors specializing in the surgical device sector across DACH. This includes venture capital firms, corporate entities, and investment management companies, primarily located in key cities like Munich, Basel, and Zurich. Ranging in size from small firms to large corporations, investors here have varying levels of assets and expertise. Founded as early as 1993 and as recently as 2018, these investors collectively completed 2024 deals, reflecting a robust engagement in the surgical device market and a strong commitment to fostering innovations within healthcare.


Top 19 Surgical 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. Notably, the fund has been involved in several transactions relevant to the surgical device industry, including a $21.8 million Series C financing round for Ablation Frontiers, which is engaged in clinical trials for surgical devices. Additionally, they participated in funding rounds for Myopowers Medical Technologies, which is preparing for clinical trials to obtain CE mark in Europe, indicating their commitment to advancing surgical device technologies. Their diverse portfolio reflects a strong interest in supporting innovative solutions within the life sciences sector, including surgical devices.


2. HBM Healthcare Investments AG


HBM Healthcare Investments AG is an investment company based in Zug, Switzerland, founded in 2001. It specializes in the healthcare sector, managing a diversified portfolio that includes human medicine, biotechnology, medical technology, and diagnostics. The firm actively seeks growth opportunities in the rapidly evolving healthcare market. Notably, HBM has participated in significant transactions within the surgical device context, such as their involvement in Shape Memory Medical's Series C financing round, which raised $38 million to support the AAA-SHAPE Pivotal Trial and the development of their proprietary shape memory polymer technology aimed at the vascular markets. Additionally, HBM has invested in Valcare Medical through multiple convertible notes, indicating a commitment to supporting innovative medical technology companies.


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. It develops and manufactures innovative medicines aimed at addressing serious diseases across various therapeutic areas. Novartis emphasizes research and development to enhance patient outcomes. Notably, Novartis acquired Alcon in December 2010 for $12.9 billion, significantly expanding its footprint in the surgical device market, particularly in ophthalmology. Additionally, Novartis has been involved in funding rounds for companies like Kuros Biosciences and Autonomic Technologies, indicating its engagement in the healthcare and surgical device sectors. These transactions highlight Novartis's strategic interest in advancing technologies that can improve surgical outcomes and patient care.


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 investment focus spans several sectors, including climate tech, industrial technology, and health & bio. Notably, Verve Ventures has been involved in key transactions within the surgical device space, such as their investments in Neo Medical, which raised significant funding in both Series A and Series B rounds, and ARTIRIA Medical, which closed a Series A2 round to support stroke studies. These transactions highlight Verve Ventures' commitment to supporting innovative companies in the surgical device industry.


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. They support their clients with financial resources and access to a network of industry experts, helping them navigate the challenges of growth and development in sectors such as life sciences and software. Notably, Bayern Kapital has participated in several transactions relevant to the surgical device industry, including investments in GME Medical Engineering, which focuses on medical devices and has raised funds to expand its product portfolio. Additionally, their investment in Vantis Vascular, which operates in the vascular device space, further highlights their engagement in the surgical device sector. Overall, Bayern Kapital's portfolio reflects a commitment to supporting advancements in medical technology.


6. 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 various sectors, including therapeutics and medical devices. Notably, Wellington Partners has been involved in significant transactions within the surgical device context, such as their multiple investments in Implanet, a medical technology start-up that has raised substantial funding across several rounds (Series A, B, C, and D) from 2007 to 2010. These investments highlight their commitment to supporting innovative startups in developing breakthrough surgical technologies. Additionally, their recent investment in MMI, which raised $110 million in Series C funding in 2024, indicates their ongoing engagement in the medical technology space, further solidifying their position as a relevant investor in the surgical device industry.


7. SHS Capital


SHS Gesellschaft für Beteiligungsmanagement mbH, commonly known as SHS Capital, is a private equity firm based in Germany, founded in 1993. The firm specializes in healthcare investments, focusing on providing capital and strategic support to fast-growing healthcare companies. SHS Capital has been involved in several notable transactions in the surgical device sector, including the acquisition of Spiegelberg, a company known for its innovative surgical products, in August 2011. Additionally, they participated in a venture round for Phenox in August 2010, which develops advanced neurovascular devices. Other relevant transactions include the acquisition of SIS-Schwager Group in December 2015 and funding for Blazejewski MEDI-TECH in February 2020, both of which contribute to the surgical device landscape. Their active engagement in these transactions highlights their commitment to enhancing operations within the surgical device industry.


8. 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 an investment advisory 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 has been actively involved in funding rounds for companies that are developing surgical devices, such as Virtual Incision, which raised $30 million in a Series C funding round in September 2023, and Venture Med Group, which has received multiple rounds of funding, including a $15 million Series B round in 2017. Their focus on improving patient care and modernizing healthcare systems aligns well with the surgical device industry, making them a significant player in this field.


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 in 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. Notably, BioMedVC has been involved in significant transactions within the surgical device context, such as their investments in Miracor Medical Systems, which is known for its PiCSO impulse system—a device aimed at improving cardiac procedures. They participated in multiple funding rounds for Miracor, including a Series D round that raised $30.2 million in 2018, which was aimed at further development and commercialization of their surgical device. This involvement highlights BioMedVC's commitment to advancing medical technologies, including surgical devices, making them a relevant player in this investment category.


10. 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 actively involved in the surgical device industry, leading significant funding rounds for companies such as Shape Memory Medical, which is developing innovative technologies for vascular applications, and Alesi Surgical, which focuses on expanding its surgical technologies into the U.S. market. Additionally, their investment in Argá Medtech, which is working on a device for cardiac arrhythmias, showcases their commitment to advancing surgical technologies. Earlybird's business model emphasizes nurturing early-stage companies through funding and mentorship, helping them navigate growth challenges in the competitive healthcare landscape.


11. 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. The firm specializes in early-stage investments in innovative startups across various sectors, providing financial backing and support to entrepreneurs. They collaborate with a community of angel investors, enhancing their investment strategy and positioning them as a key player in the European venture capital landscape. Notably, b2venture has invested in WISE, which raised funds for the clinical development of novel neuromodulation implants for spinal cord stimulation, and UroMems, which has raised substantial capital for the development of urological devices. These transactions highlight b2venture's active role in the surgical device industry, making them a relevant investor in this field.


12. Sictic

  • Website: sictic.ch
  • Type: Venture Capital
  • Headquarters: Zurich, Zurich, Switzerland
  • Founded year: 2014
  • Headcount: 201-500
  • Number of deals in 2024: 77
  • LinkedIn: sictic

SICTIC is a not-for-profit organization based in Zurich, Switzerland, founded in 2014. It connects smart money investors with innovative Swiss early-stage technology startups, providing investment opportunities, networking events, and educational resources to facilitate the growth of startups and the investment community. In 2024, Sictic has been particularly active, with 77 investments, including notable transactions such as CorFlow Therapeutics, which raised $48,489,444 in a Series B round, indicating a strong focus on healthcare innovation. Other relevant transactions include Emovo Care and machineMD, which also operate within the healthcare space, showcasing Sictic's engagement with companies that could be involved in surgical devices or related technologies.


13. HBM Partners AG


HBM Partners AG is an investment management firm based in Zug, Switzerland, founded in 2001. The firm specializes in healthcare investments, focusing 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. Notably, they have been involved in significant transactions such as Shape Memory Medical, which raised $600,000 in a convertible note in April 2023, and Vascular Dynamics, which raised an undisclosed amount in a Series D round in May 2022. These investments highlight their commitment to supporting innovative companies in the surgical device and broader medical technology landscape.


14. 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. Vi Partners has been involved in several significant transactions in the medical device industry, including participation in funding rounds for Medlumics, a Madrid-based medical device company, and Xeltis, which focuses on polymer-based heart valve replacements. Their investments in these companies demonstrate their active role in supporting the development of surgical devices and innovative healthcare solutions.


15. Fresenius Medical Care


Fresenius Medical Care is a leading healthcare provider based in Bad Homburg, Hesse, Germany, specializing in renal care and dialysis services. Founded in 1912, the company has grown to employ over 10,000 individuals and is dedicated to improving patient outcomes through innovative technologies and comprehensive support services. Fresenius Medical Care's investment activities include significant transactions in the medical technology sector, such as the acquisition of Xenios, which enhances their capabilities in medical devices. They have also participated in funding rounds for companies like Modulim, which focuses on the FDA-cleared Clarifi™ Imaging System, indicating their commitment to advancing surgical and imaging technologies. Their investments reflect a strategic approach to expanding their influence in the medical device market, particularly in areas that intersect with surgical applications.


16. 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 healthcare growth debt and equity financing, providing bespoke financing solutions to healthcare companies, including those in digital health, biopharma, and medtech. IPF Partners focuses on commercial stage and late development stage companies, offering tailored debt and equity investments to help them achieve their growth objectives. Notably, they have been involved in significant transactions within the surgical device sector, such as a €6 million financing round for SpineGuard in 2018, aimed at accelerating growth and developing strategic R&D projects, particularly in robotics and the DSG Smart Screw. Additionally, they provided debt financing to BONESUPPORT, further emphasizing their engagement in the surgical device market. Their investment in Caresyntax, a company that enhances surgical data management, also highlights their interest in supporting technologies that improve surgical outcomes.


17. 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 actively involved in several relevant transactions in the medical technology space. Notably, they participated in a seed funding round for Refined Laser Systems, which is developing an intraoperative microscope prototype aimed at improving cancer diagnosis. Additionally, they led a seed funding round for Upfront Diagnostics, which is scaling a blood-based diagnostic technology for identifying large artery strokes. These investments highlight APEX Ventures' focus on supporting innovative medical technologies that have potential applications in surgical settings.


18. 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 the context of surgical devices, NRW.BANK has been involved in several significant transactions, including a Series A investment in Hemovent, which raised over $2.3 million for its medical device innovations. Additionally, NRW.BANK participated in a Seed funding round for Refined Laser Systems, which is developing an intraoperative microscope prototype aimed at improving cancer diagnosis. These investments highlight NRW.BANK's active role in supporting advancements in the surgical device industry.


19. IBB Ventures


IBB Ventures is a venture capital firm based in Berlin, Germany, founded in 1997. The firm specializes in early-stage financing and has invested in over 270 startups, providing not only funding but also expertise and resources to help these businesses thrive in competitive markets. Among their notable transactions, IBB Ventures has invested in DiaMonTech AG, a company focused on developing non-invasive blood glucose monitoring technologies. They participated in multiple funding rounds for DiaMonTech, including a €7 million Series A round and a $5 million funding round, which highlights their commitment to supporting innovative medical technology solutions. Additionally, IBB Ventures has invested in x-cardiac, a company that is likely involved in cardiac-related medical devices, further emphasizing their engagement in the healthcare sector.



Surgical 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
Endeavour VisionGeneva, Geneva, Switzerland11-5020002
BiomedVCBasel, Basel, Switzerland1-1020032
Earlybird Venture CapitalGermany51-200199729
b2ventureSt. Gallen, St. Gallen, Switzerland11-50200015
SicticZurich, Zurich, Switzerland201-500201477
HBM Partners AGZug, Zug, Switzerland11-5020010
Vi PartnersAltendorf, Schwyz, Switzerland11-5020016
Fresenius Medical CareBad Homburg, Hesse, Germany10001+19122
IPF PartnersGeneva, Geneva, Switzerland1-1020111
APEX VenturesVienna, Vienna, Austria1-1020166
NRW.BANKNeunkirchen, North Rhine-Westphalia, Germany1001-5000200210
IBB VenturesBerlin, Berlin, Germany11-50199718


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