Swiss medtech Multiwave raised a total of CHF 3.8m in two consecutive capital increases in July and August 2023. The capital increases included the conversion to stock of a CHF 1.47m convertible loan raised from existing and new investors throughout 2022 and 2023, including from the Fongit Innovation Fund (FIF), and a fresh cash injection of CHF 2.3m led by Ava Investors, a Geneva-based investment firm. The company plans to close another round of financing by end of 2023 to take MGNTQÔ, its portable MRI device, through regulatory approval.
Multiwave research arm in France has also recently secured a highly competitive (7% success rate) European Commission grant of €700k, leading a consortium of a new Horizon Europe grant totaling €3.5m.
Multiwave was founded in 2015 and is since headquarted at Geneva-based incubator Fongit, with a research arm in Marseille, France.
“Our goal is to make MRI available to all. Today, 2/3 of the world has no access to medical imaging and 90% of the world doesn’t have access to an MRI. This is because MRI is not affordable and is not widely accessible.” says Tryfon and Panos Antonakakis,” we plan to change that, both in developed and developing countries”.
(Press release / ES)
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