Multiwave raises CHF 3.6 million and opens US operations in Boston

Geneva-based Multiwave Technologies has secured CHF 3.6 million to accelerate regulatory approval of its portable MRI device and establish a new assembly facility in the United States.

Multiwave Technologies, the Geneva-based deeptech start-up pioneering portable MRI technology, has raised CHF 3.6 million (USD 4.5 million) in new funding to advance regulatory approval and expand its global operations. The company will open an assembly facility in Lowell, Massachusetts, strengthening its presence in the US market.

Founded in 2015 and headquartered at the Geneva incubator Fongit, Multiwave has developed MGNTQ, described as the world’s lightest portable MRI device. The technology, rooted in advances in metamaterials and artificial intelligence, aims to democratize access to medical imaging, particularly in brain and musculoskeletal health. Two-thirds of the world’s population has no access to MRI, and Multiwave seeks to close that gap by providing a cost-effective, compact alternative to conventional machines.

Expanding global operations

The latest funding round was completed across 2024 and 2025, attracting participation from senior US healthcare executives, a Geneva-based clinic, the former director of the London Mathematical Laboratory, and Ava Investors, which increased its stake after first investing in 2023. The proceeds will support Multiwave’s FDA 510(k) clearance process, with a US commercial launch planned for 2026.

By situating its new global assembly plant in Lowell, near Boston, Multiwave is positioning itself close to one of the world’s leading hubs for medical technology and healthcare innovation. The expansion complements the company’s research base in Marseille, France, where it recently launched a EUR 1.1 million research partnership with Aix-Marseille University to explore brain and musculoskeletal imaging applications.

“Our mission is to improve global health and longevity through affordable MRI, with a dedicated focus on protecting and enhancing brain health,” said co-founders and co-CEOs Tryfon and Panos Antonakakis.

Multiwave has steadily gained recognition as one of Switzerland’s leading healthtech innovators, securing European Commission grants, FIT support, and ranking among the country’s TOP 100 start-ups. With its expansion into the US, the company is taking a decisive step toward scaling its vision of making MRI accessible worldwide.