Multiwave Technologies develops an ultra-portable MRI system that combines AI and metamaterials to make magnetic resonance imaging more affordable and accessible. The company’s team spans computational physics, material science, and engineering. Its core product is positioned to expand diagnostic access in both developed and developing countries. Multiwave operates from a Geneva incubator (Fongit) and has a research arm in Marseille, France. The firm received a dual-phase capital boost in July–August 2023 and is pursuing an additional financing round by year-end to support regulatory approval. Its French division secured a European Commission grant (EUR 700,000) that feeds into a broader Horizon Europe grant totaling EUR 3.5 million. Multiwave Technologies develops MGNTQÔ, which it describes as the world’s lightest portable MRI device, and has begun delivering units to the imaging community. It delivered its first portable MRI devices to Mount Sinai Hospital in New York and to Brighton and Sussex Medical School in July and August 2022. The device has not yet received regulatory approval, but the company has a backlog of orders for research machines from universities, research institutes and foundations in Europe and the US. Multiwave plans to file for FDA 510(k) clearance and CE marking in the coming quarters and intends to raise a larger financing round by the end of 2022 to support regulatory approval. Financially, the group has raised more than CHF15.5 million to date, including CHF1 million just closed as a convertible note, $5.5 million from angel investors, and about CHF10 million in non-dilutive capital from initiatives of the European Commission, France, and Switzerland. The company was founded in 2015, is headquartered at incubator Fongit in Geneva, and maintains a research arm in Marseille, France.

Total raised

$5M

Funding rounds

2

Latest round

Equity

Latest activity

Sep 2023