Our portfolio companies
Current investments

General
Name: | AMW GmbH |
HQ: | Warngau, Germany |
Employees: | around 100 |
Industry: | Pharmaceuticals |
Subsector: | Drug Delivery |
Revenue: | € 5-20m |

Summary
AMW is an innovative specialty-pharmaceutical company. It develops and manufactures active and passive transdermal patches, biodegradable subcutaneous implants, and intravaginal rings, by using its patented and proprietary technologies. Key-activities are innovative products and applications for indications such as oncology, neurology, ophthalmology, endocrinology, diabetes and pain treatment.
Market
- Transdermal delivery systems: around $ 40b
- Parenteral delivery systems: around $ 20b
USP
- One of a very few companies who are able to develop and approve transdermal and parenteral drug delivery systems
- AMW is covering the entire value chain (from R&D to production)
Approvals
Several approved products (patches and implants) with licenses provided to partners throughout the world; Further products are in the development pipeline.
IP
IP & trade secrets
Reimbursement
Available

General
Name: | AOT AG |
HQ: | Basel, Switzerland |
Employees: | 30 |
Industry: | MedTech |
Subsector: | Surgical Robotics |
Revenue: | € 0-5m |

Summary
AOT is a Swiss MedTech company developing surgical solutions by integrating optics, robotics and digital technologies. The company’s vision is to significantly improve outcomes of osteotomies by offering digital surgical solutions. Thus, the company has developed CARLO®, the world’s first contact-free laser osteotome which allows to overcome the limitations of interventional mechanical instruments used today. The company’s solutions shall improve patient recovery times, reduce complication rates and lower overall procedure costs.
Market
Worldwide > € 10b
USP
- Safe & digital patient journey from pre-op plan to bone cut due to full digital workflow
- High accuracy/precision/flexibility resulting from robot-guided laser ablation
- Faster bone healing and patient recovery
- Patient specific cuts, no templated required
Approvals
Worldwide
- CE-mark 1/21
- FDA submission in early 2021
IP
- 10+ patent families
- Protection in key jurisdictions worldwide
Reimbursement
Available

General
Name: | Betterguards Technology GmbH |
HQ: | Berlin, Germany |
Employees: | 21 |
Industry: | Medtech/Sports |
Subsector: | Orthopedics/Shoes |
Revenue: | € 0-5m |

Summary
Betterguards Technology develops and produces "safety belts" for human joints. The technology offers intelligent protection and only activates in case of critical movements. During normal activities, however, the system is flexible and guarantees a natural freedom of motion. This combination is unique on the market and, in addition to the protective effect, is primarily intended to offer people more freedom, comfort and courage during their movements. The Betterguards system can be integrated as a component into i.e. supports, orthoses, and shoes.
Market
The global joint protective market accounts for $ 3.0b p.a. The global sport shoe market accounts for $ 100b p.a. The global safety shoe market accounts for $ 9b p.a.
USP
- Protection against joint injuries, while allowing for broad freedom of movement
- Reacts faster than the muscle
- Adjustable release speed
- Release mechanism is reversible
- Kinetic energy is absorbed
Approvals
No regulatory approvals needed for the integration of the technology in B2B partners’ products (except for safety shoes)
IP
More than 15 patent families (EU, US)
Reimbursement
A reimbursement is targeted in the near future for some orthopedic products like the joint protection.

General
Name: | Blazejewski MEDI-TECH GmbH |
HQ: | Sexau, Germany |
Employees: | 70 |
Industry: | MedTech |
Subsector: | Endoscopy/Robotics |
Revenue: | € 5-20m |

Summary
Blazejewski MEDI-TECH (BMT) develops best-in-class rigid and semi-rigid 2D- and highly innovative 3D-endoscopy systems with a very small diameter along with a high class resolution. The products are marketed with partners, applications are mainly in neurology, spine, ENT, urology and gynaecology. The 3D-visualisation systems are also applied in robotics.
Market
Endoscopes (around $ 9b) and robotics
USP
- 3D-Systems: Best depth perception, outer diameter up to approx.1 mm (incl. working channel), infrared coating for fluorescence diagnostic, autoclavable systems
- 2D-Systems: Very high image quality (even with very small outer diameters)
Approvals
- CE
- FDA
- KFDA
- NMPA
- MHLW
- Anvisa
IP
- Several patents
- Trade secrets
Reimbursement
Available

General
Name: | Blue Ocean Spine GmbH |
HQ: | Tuttlingen, Germany |
Employees: | 5 |
Industry: | Medtech |
Subsector: | Orthopedics / Spine |
Revenue: | € 0-5m |

Summary
Blue Ocean Spine is developing functional and 3D printed interbody fusion cages. These spine implants are placed between vertebral bodies which consequently grow together and finally result in restabilizing a patient’s spine. Blue Ocean Spine’s next generation of cages enable quicker and safer surgeries while patient specific requirements can be addressed.
Market
The global interbody fusion cage market amounts to over € 1,500m – the US represents ca. 75%. In 2016, the market for expandable cages was estimated at ca. € 250m.
USP
Expandable cages:
- In situ adjustable to patient needs (height, width, lordosis angle)
- Easier handling, no external fixation required, better safety profile
Approvals
FDA 510(k) in prep.
IP
In prep.
Reimbursement
Yes

General
Name: | c-LEcta GmbH |
HQ: | Leipzig, Germany |
Employees: | >80 |
Industry: | Biotechnology (Industrial) |
Subsector: | Enzymes and strains |
Revenue: | € 5-20m |

Summary
Development, optimization and implementation of high-quality enzymes and microbial strains for industrial biotech applications in food, feed, pharma and chemistry; self-developed technology platform for the development of new enzymes based on the principals of natural evolution
- Industrial Enzymes: Food & Feed, Pharma
- Ingredients: Food & Feed supplements, APIs, monomers
Market
Worldwide market for food ingredients and feed products as well as pharmaceutical ingredients. Customers are active in the food, pharma and chemical industries that use biological processes in their products or production processes.
USP
- Cost reduction, sustainability and an efficient intellectual property protection provide a significant competitive advantage to partners and customers
- Patent-protected technology platform for the discovery, engineering and production of customized enzymes & strains
Approvals
- GMP standard
- Food grade products
- Approval for different products in various countries
IP
- 15 patent families
- Including 80 sub-patents or patent applications
Reimbursement
n/a

General
Name: | CoreMedic GmbH |
HQ: | Radolfzell, Germany |
Employees: | 10 |
Industry: | MedTech |
Subsector: | Cardiology |
Revenue: | € 0-5m |

Summary
Transcatheter mitral valve repair system. Replaces defective Chordae Tendineae (threads) in a minimal-invasive procedure.
Market
Cardiology / mitral valve insufficiency: Patient with leakage problems of the mitral valve. Market is around 5x times the TAVR market and is growing at a high double digit CAGR.
USP
- Mitral valve repair at the beating heart.
- No need for heart lung machine. Replaces open heart surgery.
- Mitral valve repair is recommended as first line therapy before mitral valve replacement
- Repair of the chordae in the most natural way
Approvals
- CE in prep.
- FDA in prep.
- etc.
IP
Worldwide
Reimbursement
Reimbursement in many countries is already secured (DRG code)

General
Name: | CryLaS GmbH |
HQ: | Berlin, Germany |
Employees: | 50 |
Industry: | Optics/Laser |
Revenue: | € 5-20m |

Summary
CryLaS is a key innovator for diode pumped pulsed and CW solid-state high performance lasers, used in the life science field, among other industries. The products emit various wavelengths, like UV, IR, and VIS. They are key components in life science analytics, for processes such as mass spectroscopy, Raman spectroscopy, other spectroscopies, and tissue micro-dissection.
Market
Solid state laser: $ 1b (2020), CAGR of diode laser segment 13.6%. Applications like Raman spec: $ 1.5b (2018), CAGR: 8.9%, Mass spec: $ 4.6b (2016), CAGR: 8.0%
USP
- Laser performance: small size, lifetime, beam quality
- Low operating costs
Approvals
n/a
IP
Several patents
Reimbursement
n/a

General
Name: | Develco Pharma Schweiz AG |
HQ: | Schopfheim, Germany |
Employees: | Around 130 |
Industry: | RX |
Subsector: | Specialty Pharma |
Revenue: | € 40m+ |

Summary
Develco Pharma is a specialty pharmaceutical company that develops and produces innovative formulations for drugs with known active ingredients. After approval, the products are licensed out to internationally operating pharmaceutical companies. Develco Pharma is responsible for the entire value chain from development and approval to manufacture and delivery. By focusing on extended or modified releases, the company has grown into an internationally recognized and renowned provider.
Market
- Difficult and innovative formulations for oral drugs with a focus on extended and modified releases
- Up to now, Develco produced more than 1 bn tablets
USP
- Huge kit of difficult and innovative formulation technologies (that often allow to circumvent existing patents)
- Highest speed and flexibility in development projects (for most of it's projects, Develco is first-to-market)
- Only supplier with an own state-of-the-art production in Germany (offering significant advantages in terms of logistics)
Approvals
- 227 Marketing Approvals
- 40 Distribution Partners
IP
Unique Know-How in terms of difficult and innovative formulation technologies and fast and flexible development
Reimbursement
Available

General
Name: | evitria AG |
HQ: | Schlieren, Switzerland |
Employees: | 10-50 |
Industry: | Life Science |
Subsector: | Antibody expression |
Revenue: | € 5-20m |

Summary
evitra is specialized in CHO-based transient expression of antibodies. The company has performed over 60,000 transfections and purified more than 10,000 antibodies for its clients from the Americas, Europe, Asia and Australia. Customers are among others academic laboratories, small biotech start-ups, and global biopharmaceutical companies. evitria is producing antibodies as a full-time partner, as well as a short-term partner for capacity-bottlenecks.
Market
Approx. $ 2.4b market volume, of which approx. $ 1.2b is attributable to the customer-specific antibody market, anticipated market growth is 10-13% p.a.
USP
- Very fast delivery times
- Cost-effective conditions
- Reliable product quality
- Know-how optimization of antibodies
Approvals
No specific approval required (research use only products)
IP
Know-how for highly efficient production process (highly automated) is the trade secret of the company.
Reimbursement
n/a

General
Name: | femtos GmbH |
HQ: | Bochum, Germany |
Employees: | 10 |
Industry: | Medtech |
Subsector: | Neuroradiology |
Revenue: | € 0-5m |

Summary
femtos is a supplier of medical technology products and offers an innovative ultra-short laser technology (femtosecond laser) which permits high precision cutting of complex, filigree geometries such as in neurovascular stents. Femtos also owns high performing functional coating technologies.
Market
Innovative laser technology: production of microstructures, in particular neurovascular implants and instruments
USP
- Higher precision, functional surfaces
- Dedicated product pipeline, i.e. in the areas of vasospasm and aneurysms
Approvals
Worldwide
- CE
- FDA in prep.
IP
Several patents granted. Additional patents filed for further technologies and products.
Reimbursement
With the OEM / prop. products: NUB´s

General
Name: | GNA Biosolutions GmbH |
HQ: | Planegg, Germany |
Employees: | 50 |
Industry: | Diagnostics |
Subsector: | Point-of-Care Diagnostics |
Revenue: | € 5-20m |

Summary
Development of disruptive point of care (PoC) molecular diagnostic tests which are much faster and cheaper than the current standard, by using GNA’s innovative PCA technology to enhance the devices. Classical PCR tests can be easily transferred onto GNA's new system and the small portable device can be run by battery. First approved test is diagnosing COVID 19.
Market
- POC/Molecular diagnostics
- Food diagnostics
USP
- Possibility of molecular diagnostics at the patient‘s bedside (PoC)
- Very fast results for time-critical diagnostics tests
- Portable system
- Low-cost tests and device
Approvals
Worldwide
- CE
- FDA in prep.
IP
Very broad IP position
Reimbursement
In preparation

General
Name: | Medigroba GmbH |
HQ: | Balingen, Germany |
Employees: | 102 |
Industry: | Medtech |
Subsector: | Homecare |
Revenue: | € 5-20m |

Summary
Care of patients in hospitals, care facilities and practices with assistive and care products including: Medical Devices (home ventilator, inhalation, drainage, oxygen supply), Tracheostoma, Wound- and ostomy care, Enteral nutrition (liquid and enteral feeding), parental nutrition and pain therapy, Kids Care (children‘s intensive care)
Market
- Currently 6 million home care patients in Germany, approx. 9.5 million home care patients by 2030
- Market volume for assistive products in Germany approx. € 8b p.a.
USP
- Own academy: optimization of quality of care through special qualification in its post-stationary area
- 24-hour on-call duty
- Proximity to the patient
- Contracts with health insurance companies
Approvals
Certified medical device manufacturer according to EN ISO 13485
IP
n/a
Reimbursement
- Reimbursement within the framework of the assistive products IDs and directory
- Contractual arrangements with health insurance companies

General
Name: | Miracor Medical SA |
HQ: | Awans, Belgium |
Employees: | 23 |
Industry: | MedTech |
Subsector: | Cardiology |
Revenue: | € 0-5m |

Summary
Miracor's “PICSO” therapy is aiming to significantly reduce the damage to the heart muscle after an heart attack. Clinical studies ongoing. CE Mark of next-generation system obtained in Q2 2020.
Market
2,000,000+ patients with ACS (acute coronary syndrome) every year
USP
- Reduced number of patients with additional heart attack or mortality
- Increased quality of life by restoring heart tissue
- Reduced long-term cost in the healthcare system
Approvals
Worldwide
- CE Mark granted
- FDA-approval in preparation (FDA breakthrough device designation granted in 2019)
IP
Worldwide IP protection
Reimbursement
Reimbursement is approved in some countries and applied-for in others.

General
Name: | ndd Medizintechnik AG |
HQ: | Zurich, Switzerland |
Employees: | 50 |
Industry: | Diagnostics |
Subsector: | Respiratory |
Revenue: | € 20m+ |

Summary
Company with globally-leading devices for the diagnostics of pulmonary function. ndd’s EasyOne® is market-leader in spirometry, ndd’s EasyOne Pro® enables PoC testing of the important pulmonary and cardio-pulmonary markers. ndd’s products are chosen for many and highly-regarded clinical trials (e.g. COPD Gene), including clinical trials of the pharmaceutical industry.
Market
As of today, the pulmonary function test (PFT) market size ranges between € 500m and € 800m.
USP
- Sensor technology with highest accuracy & precision
- Easy to use: Procedure simplified, highest reliability, no recurrent calibration needed
- Lower costs for the healthcare system
Approvals
Worldwide
- CE
- FDA
- India
- NMPA
IP
More than 12 patent families granted (worldwide)
Reimbursement
Worldwide reimbursement for spirometry. PoC lung function testing is reimbursed in selected countries.

General
Name: | Neuro Event Labs Oy |
HQ: | Tampere, Finland |
Employees: | 28 |
Industry: | Medtech |
Subsector: | Digital Health |
Revenue: | € 0-5m |

Summary
Software-solutions for the automatized recognition and categorization of epileptic seizures. Neuro Event Labs enables neurologists to make more detailed diagnoses and to individually adjust therapies to each patient’s needs. The company makes it possible to observe patients both in clinics and at home. Further neurological indications are in the pipeline.
Market
The addressable market of hospitals and resident neurologists amounts to up to € 1,000m.
USP
- Replaces subjective epilepsy journals and complements – or even partly replaces – expensive video EEGs
- Cost efficient home-applications running over several weeks enable more accurate patients diagnoses, improving therapeutic success
Approvals
- CE
- FDA in prep.
IP
Worldwide patent filing
Reimbursement
Partially based on existing codes

General
Name: | Novo Klinik-Service GmbH |
HQ: | Bergheim, Germany |
Employees: | 62 |
Industry: | MedTech |
Subsector: | Respiratory |
Revenue: | € 5-20m |

Summary
Production and sales of medical aids like fixations and pads for the intensive care, anaesthetic and nursing sectors especially:
- Trancheostomy/laryngectomy – fixations and supply
- Breathing support – fixations and supply
- Safety systems and prophylaxis
Market
Approx. 400.000 respiratory patients in Germany, growth 6% p.a.; Tracheostomy care in Germany: € 100m p.a., approx. 13m fixation straps in Germany
USP
- Easy to use
- Particularly skin-friendly products
- Soft, breathable fixations
- Smoothly absorbing
- Protection against any irritation or decubitus
Approvals
- CE
IP
ECMO-Fixation patent
Reimbursement
Reimbursement via central number for medical aids

General
Name: | numares AG |
HQ: | Regensburg, Germany |
FTEs: | 58 |
Industry: | Diagnostics |
Cluster: | Metabolomics |
Revenue: | € 5-20m |

Summary
numares is about to disrupt the lab diagnostics market. The company’s technology utilizes physics (NMR) and software (AI) to enable truly precise medicine. Instead of single biomarkers, numares’ software platform evaluates biomarker sets – metabolite constellations – in hundreds of analyzed metabolites. Applications are e.g. for kidney transplant surveillance, kidney disease detection and cancer assessment. Joint test developments with e.g. Mayo Clinic and commercial partnerships with leading labs prove US traction
Market
numares currently covers an addressable market of $ 1b which will multiply over the next years.
USP
- One sample, all answers: Diagnostic and prognostic markers
- Highly efficient: Physics and AI instead of wet chemistry processes
- Fully automated, high-throughput, cost-efficient diagnostics
Approvals
- CE
- FDA in prep.
IP
Worldwide
Reimbursement
US (US focus)

General
Name: | phenox GmbH |
HQ: | Bochum, Germany |
Employees: | 250 |
Industry: | MedTech |
Subsector: | Neurovascular |
Revenue: | € 20m+ |

Summary
phenox is a high-growth company with a complete portfolio of innovative products for trans-catheter based neurovascular interventions (treatment of ischemic as well as hemorrhagic stroke patients).The comprehensive product range (stent retriever, flow diverter, aspiration catheter, access, coil, balloon, etc.) is sold worldwide.
Market
The stroke market is consistently growing with > 10% p.a. and already surpassing $ 3b.
USP
- Complete product portfolio of neurointerventional devices with both best efficacy/efficiency and best safety profiles
- Flow-diverter with hydrophilic coating technology to minimize antithrombogenic medication
Approvals
Worldwide
- CE
- FDA / and in clinical dev.
- India, South Korea, ...
IP
Worldwide
Reimbursement
Worldwide

General
Name: | Salvia BioElectronics B.V. |
HQ: | Eindhoven, The Netherlands |
Employees: | 16 |
Industry: | Medtech |
Subsector: | Neuromodulation |
Revenue: | € 0-5m |
Summary
Salvia is developing neurostimulating devices which can be implanted under the skin to help those who suffer from chronic migraines. Salvia’s devices stimulate the nerves directly with high effectivity, at the same time having less issues of competing products as skin erosion, lead breakage etc. due to its usage of bioelectronics foils.
Market
Total serviceable market is ca. 2b EUR
USP
Bioelectronic foils used:
- Minimally invasive procedure
- Implanted device not visible
- Avoids skin erosion, lead breakage, lead displacement
Approvals
No approvals yet
IP
Currently 8 (filed) patents (families)
Reimbursement
given

General
Name: | Selfapy GmbH |
HQ: | Berlin, Germany |
Employees: | 55 |
Industry: | MedTech |
Subsector: | Digital Health |
Revenue: | € 0-5m |

Summary
Selfapy is Germany’s leading provider of online therapy for mental health. Selfapy offers psychologically guided, anonymous, and flexible therapy programs to people suffering from psychological disorders. The three-month programs were developed together with experienced psychotherapists and are based on the principles of cognitive behavioural therapy. Covered indications include Depression, Anxiety Disorders, Burnout, Eating Disorders or Stress.
Market
Approx. 10-15 million people suffer from mental illnesses in Germany. The market to treat these patients via online therapies/therapeutics (DTx) is currently opening.
USP
- Low-threshold therapy offer for patients suffering from mental health illness
- Completion of the online courses under psychological guidance without waiting time
- The courses can be run anonymously and flexibly in terms of time
Approvals
- CE
IP
n/a
Reimbursement
Due to Digital Care Act (“DVG”), rolled out in Germany in 2020, Selfapy online therapy products are reimbursed by all German health insurances.

General
Name: | SIS Medical AG |
HQ: | Frauenfeld, Switzerland |
Employees: | 50 |
Industry: | MedTech |
Subsector: | Cardiology |
Revenue: | € 5-20m |

Summary
High-growth company that offers super-high-pressure-balloon-catheters for pre- and post-dilatation, used for the treatment of cardiovascular lesions.
Market
Approximately $ 500m currently
USP
- Product OPN: safest, easiest and cheapest procedure for opening heavy calcified stenosis
- Non-compliance balloon (up to 35 bar)
Approvals
Worldwide
- CE
- MDR in prep.
- FDA in prep.
- etc.
IP
IP families and other intellectual property
Reimbursement
Available

General
Name: | Spiegelberg GmbH & Co. KG |
HQ: | Hamburg, Germany |
Employees: | 49 |
Industry: | MedTech |
Subsector: | Neurology |
Revenue: | € 0-5m |

Summary
Highly specialized devices, catheters and probes for neurosurgical use in the brain.
- Monitors and probes for intracranial pressure monitoring
- External ventricular drainage systems for drainage of liquor
- Shunt valves and catheters for hydrocephalus patients
Market
Intracranial Pressure (ICP) monitoring and management before and after neurosurgical interventions, severe trauma and hydrocephalus patients
USP
Intracranial pressure monitoring by airpouch technology, which is more precise and cost effective
Approvals
Worldwide
- CE
- NMPA
- FDA in prep.
IP
Patent-protected technologies
Reimbursement
Attractive reimbursement within the DRG-system

General
Name: | TRI Dental Implants Int. AG |
HQ: | Hünenberg, Switzerland |
Employees: | 20 |
Industry: | MedTech |
Subsector: | Dental |
Revenue: | € 5-20m |

Summary
Highly innovative dental implant system company – designed and manufactured in Switzerland. TRI® offers the best-in-class digital portfolio and is additionally developing a Digital-Implant which integrates the first-ever dental implant-connection specifically designed for CAD/CAM and 3D-printed prosthetics and thus allows for the connection of a ceramic crown directly to the implant, eliminating the need for an abutment.
Market
Global dental implant market is around CHF 4b, growing with around 6% p.a.
USP
- Digital Implant: Highest-standard aesthetics paired with significant cost reductions for patients (mainly Dental Clinics and DSOs)
- Other portfolio: Best-in-class digital workflows and highest simplicity (e.g. 50% less components)
Approvals
Current portfolio:
- CE
- FDA
- Digital Implant: CE and FDA in prep.
IP
Patents on Digital Implant and other key products
Reimbursement
Given or not necessary

General
Name: | Tyromotion GmbH |
HQ: | Graz, Austria |
Employees: | 80 |
Industry: | Medtech |
Subsector: | Rehabilitation |
Revenue: | € 5-20m |

Summary
Pioneer in digitizing rehabilitation. Tryomotion develops and distributes robot- and computer-assisted therapeutic devices for the rehabilitation sector worldwide. Their customer base is based on global blue chips.
Market
Neuro-rehabilitation for patients suffering from stroke, MS, and other neurologically impaired patients. Market size in 2016 ca. € 300-500m (excluding homecare), strong growth (25-30% p.a.)
USP
- Faster and fully documentable therapeutical success
- More efficient therapy with lower set-up times
- Higher patient-compliance
- Lower cost for the healthcare system
Approvals
Worldwide
- CE
- FDA
- NMPA in prep.
IP
Strong international patent portfolio
Reimbursement
Reimbursement is given in selected countries.
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Selected exits
Excerpt of sold investments

EIT Emerging Implant Technologies GmbH
Company with best in class 3D-printed spine cages
–
Exited to Johnson & Johnson

Novosis AG
Drug delivery company with exceptional knowledge in transdermal drug delivery technologies
–
Exited to Acino (formerly Schweizerhall)

ProBioGen AG
Renown CDMO company with longstanding experience in cell line development and production optimization
–
Acquired by Minapharm Pharmaceuticals

puracon GmbH
Specialist for validation, sterile assembly, packaging and global logistics of medical products
–
Acquired by Klingel medical metal

Single Use Support GmbH
Complete solution to close a substantial gap in the handling/transportation process of biopharmaceuticals
–
Exited to Pall Corporation

TNI medical AG
Leading company in the innovative highflow therapy area for non-invasive ventilation
–
Acquired by Masimo

Vita 34 AG
Successful pioneer in cryoconservation of stem cells of the cord blood
–
IPO (prime market at the German stock exchange)