Multiwave attracts new capital and delivers first portable MRI devices

Multiwave delivered its first portable MRI devices to Mount Sinai Hospital in New York and Brighton and Sussex Medical School in July and August 2022 respectively. Although the device has not yet received regulatory approval in any market, the company already has a backlog of orders for research machines from renowned universities, research institutes and foundations in Europe and the US. The company plans to file for FDA 510(k) approval and CE marking in the coming quarters.

Multiwave was founded in 2015 and is since headquarted at incubator Fongit, with a research arm in Marseille, France. The company recently closed a convertible note of CHF 1 million from new and existing investors. To date, the group has raised more than CHF15.5 m, including $ 5.5 m from angel investors and CHF10 m in non-dilutive capital from initiatives of the European Commission, France, and Switzerland. The company plans to close a bigger round of financing by end of 2022 to take MGNTQÔ, the world’s lightest portable MRI device, through regulatory approval.

Making MRI available to all

“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.” say Tryfon and Panos Antonakakis,” we plan to change that, both in developed and developing countries”.

(Press release / ES)
Photo: Dmitriy Gutarev / Pixabay