Multiwave raises CHF 3.8 Million
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Geneva-based deeptech startup Multiwave Technologies SA, led by Tryfon and Panos Antonakakis, is attracting new capital that will be dedicated to securing FDA approval for the world’s lightest portable magnetic resonance imaging (MRI) device.
Swiss medical technology company Multiwave raised a total of CHF 3.8 million in two consecutive capital increases in July and August 2023. The capital increases include the conversion into shares of a CHF 1.47 million convertible loan obtained from existing and new investors in 2022 and 2023, including the FONGIT Innovation Fund (FIF), and a further CHF 2.3 million cash injection led by Ava Investors, a Geneva-based investment company. The company expects to close a further round of funding by the end of 2023 to take MGNTQ, its portable MRI device, through the regulatory approval process.
Multiwave’s research centre in France also recently secured a highly competitive (7% success rate) €700k grant from the European Commission, taking the lead in a consortium for a new Horizon Europe grant totalling €3.5m. This new funding aims to accelerate the startup’s growth and enable it to receive the coveted FDA 510(k) approval (2024), followed by CE marking (2025).
“Our aim is to make MRI accessible to everyone. Today, 2/3 of the world does not have access to MRI. This is because MRI is not affordable and not widely accessible”, explain Tryfon and Panos Antonakakis, “we intend to change this, both in developed and developing countries”.
Antonio Gambardella, Director of FONGIT, is delighted: “This round of funding confirms the quality of the solution proposed by Multiwave. This investment will enable us to continue to develop innovative products and accelerate their commercialisation. It also demonstrates the relevance and vitality of the canton’s ecosystem, which is dedicated to supporting promising companies right from the start.