The ophthalmic instruments industry in the Nordics is a vibrant sector focused on developing tools for eye care, diagnostic imaging, and surgical procedures. Companies range from startups creating innovative technologies, such as autofocus lenses, to established entities producing high-quality surgical instruments. With an aging population and increasing awareness of eye health, this industry is poised for growth, integrating advanced technologies like artificial intelligence and telemedicine. Future trends may see significant advancements in personalized treatments and minimally invasive surgical techniques, greatly enhancing the quality of vision care across the region.

The investment scene in the Nordic ophthalmic instruments market features a mix of venture capital and private equity firms, strategically spread across cities like Stockholm and Trondheim. Established firms like EQT Group and Novo Holdings highlight a strong historical presence, while newer entrants push to expand their portfolios. In 2024, these investors made varying numbers of deals, showcasing their commitment to fostering innovations in eye care technology. Together, they represent a vital network, each bringing unique resources and insights to this essential industry.

Top 9 Ophthalmic Instruments 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 invests in life science companies at various stages of development, providing capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has participated in significant funding rounds for companies like PanOptica, which raised $23.8 million in 2016 and $45 million in 2014 to support its clinical programs for ophthalmic treatments. Additionally, their investment in Claris Biotherapeutics, which raised $57 million in 2024, further demonstrates their active role in the life sciences sector. While they also invest in other areas such as breast brachytherapy through companies like Cianna Medical, their involvement in ophthalmic-related ventures highlights their relevance in this specific industry.

2. 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 various sectors and geographies. Notably, EQT has made significant investments in the ophthalmic instruments industry, including the acquisition of Carl Zeiss Vision in 2005, a leading provider of optical systems and instruments. Additionally, EQT was involved in the acquisition of Sola International, an eyeglass lens manufacturer, in a deal valued at approximately $1.1 billion. These transactions highlight EQT's strategic interest in the ophthalmic sector, showcasing their capability to enhance and expand companies within this industry.

3. 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 founded in 2016, based in Stockholm, Sweden. 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 employs a decentralized business model, allowing its subsidiaries to maintain flexibility while benefiting from the company's resources. In recent years, AddLife has made several strategic acquisitions to enhance its market presence, including Emmat Medical, a distributor of surgical instruments, which could potentially include ophthalmic instruments. Other notable acquisitions include Edge Medical, Mediplast AB, and Biomedica Medizinprodukte GmbH, all of which contribute to their growth in the medical technology field.

4. 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 optical technology sector, including significant investments in poLight AS, a company that develops autofocus lenses for mobile phone cameras. This company raised NOK160 million in equity funding in 2016, with prior funding rounds in 2015 and 2011, indicating a sustained interest in optical innovations. Additionally, Investinor participated in funding Cimon Medical, a startup focused on ultrasound technology, which, while not directly ophthalmic, showcases their engagement in medical technology investments.

5. 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 focuses on providing funding and support to early-stage startups and corporations, particularly in technology and life sciences. They offer services such as investment advice, corporate venturing, and participation in accelerator programs. Notably, Innovestor has been involved in several relevant transactions in the medical technology space, including a €1.2 million funding round for Maculaser, a Finnish startup focused on developing innovative treatments for eye conditions. They also participated in funding for Surgify Medical, which is working on safer surgical tools, and Monidor, a medtech startup. These investments highlight Innovestor's active role in supporting advancements in medical technology, including ophthalmic instruments.

6. Lundbeckfonden / Lundbeck Foundation

• Website: lundbeckfonden.com
• Type: Venture Capital
• Headquarters: Copenhagen, Denmark
• Founded year: 1954
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: lundbeckfonden

Lundbeckfonden / Lundbeck Foundation is a not-for-profit organization based in Copenhagen, Denmark, founded in 1954. It is dedicated to funding health science research, particularly in brain-related studies, and provides various grants and scholarships to researchers and academic institutions in Denmark. In addition to its primary focus, Lundbeckfonden Ventures has made significant investments in companies involved in ophthalmic research and development. Notably, it has participated in multiple funding rounds for Iconic Therapeutics, a company focused on developing treatments for retinal diseases and ocular melanoma, raising substantial amounts in Series B and C rounds. Furthermore, Lundbeckfonden Ventures has also invested in DYSIS Medical, which indicates a broader interest in advancing medical technologies, including those relevant to ophthalmology.

7. Indutrade AB

• Website: indutrade.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 5001-10000
• Number of deals in 2024: 1
• LinkedIn: indutrade-ab

Indutrade AB is a technology and industrial group based in Stockholm, Sweden, founded in 1978. The company specializes in developing and acquiring businesses characterized by high technical expertise, operating through over 200 subsidiaries. Indutrade provides a diverse range of industrial and technological products across various sectors, including infrastructure, medical technology, and energy. In recent years, Indutrade has made several strategic acquisitions in the medical technology field, such as Cheirón, a Czech Med-Tech company specializing in medical technology products, and Sunflower Medical, a healthcare equipment manufacturer. These acquisitions reflect Indutrade's strategy to strengthen its position in attractive market segments, including those related to medical and potentially ophthalmic instruments.

8. Priveq

• Website: priveq.se
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1983
• Headcount: 11-50
• LinkedIn: priveq-investment

Priveq is an investment management and private equity firm based in Stockholm, Sweden, founded in 1983. The firm specializes in providing growth capital to companies across various sectors, with a strong focus on helping businesses achieve their growth objectives through strategic guidance and financial support. Priveq has a history of investing in over 130 companies, including notable transactions in the healthcare sector. Among their investments, they have engaged with companies such as Mediplast AB, which received an equity investment from Priveq, and Swemac, which raised funds in a private equity round. Additionally, they have invested in Mentice, Metenova, and Silex Microsystems, indicating a diverse portfolio that includes companies relevant to medical devices and potentially ophthalmic instruments. This diverse investment strategy positions Priveq as a potential player in the ophthalmic instruments market.

9. Viking Venture

• Website: vikingventure.com
• Type: Venture Capital
• Headquarters: Trondheim, Trøndelag, Norway
• Founded year: 2001
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: viking-venture

Viking Venture is a venture capital firm based in Trondheim, Trøndelag, Norway, founded in 2001. The firm specializes in investing in fast-growing Nordic B2B software companies, providing them with capital and strategic support to enhance their growth and operational efficiency. Their services include mentoring, recruitment assistance, and guidance on financing and successful exits. Notably, Viking Venture has been involved in several transactions with poLight AS, a provider of autofocus lenses for mobile phone cameras. They participated in multiple funding rounds for poLight, including a NOK160 million equity funding round in 2016, a $19 million venture round in 2015, and a Series B funding round of $18.5 million in 2011. These transactions highlight their engagement in optical technology, which is relevant to the ophthalmic instruments industry.

Ophthalmic Instruments Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Novo Holdings	Hellerup, Denmark	51-200	1999	45
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
AddLife AB	Stockholm, Stockholm, Sweden	1001-5000	2016	3
Investinor	Trondheim, Trøndelag, Norway	11-50	2008	4
Innovestor	Helsinki, Uusimaa, Finland	11-50	2014	12
Lundbeckfonden / Lundbeck Foundation	Copenhagen, Denmark	11-50	1954	1
Indutrade AB	Stockholm, Stockholm, Sweden	5001-10000	1978	1
Priveq	Stockholm, Stockholm, Sweden	11-50	1983	0
Viking Venture	Trondheim, Trøndelag, Norway	11-50	2001	1

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