With each of our innovator stories, we get a chance to meet the people behind EU-funded ideas, which have the potential to change our future for the better.
Last year, German startup NVision won the Innovation Radar Prize 2022, and we had an inspiring conversation with CEO Sella Brosh. Recently, we received the amazing news that NVision achieved $30M last June in a Series A round from Playground Global, Entrée Capital, Lauder Partners, Pathena, b2venture, ES Kapital and Sparkasse Ulm. On this new edition of the Innovator Spotlight series, we follow up on NVision’s latest developments, learning their path to success.
“For those looking to step into deep tech and healthcare, my advice is: build a passionate team, make the most of the resources around you, and find investors who genuinely believe in your mission.”
Last year, you won the Innovation Radar Prize, and we had a interview with you, since then, how has NVision evolved?
Since winning the Innovation Radar Prize last year, NVision has undergone remarkable growth and development. We successfully secured Series A funding of 30 million USD (announced on June 22, 2023) marking a pivotal moment in our journey and empowering us to accelerate our innovative projects. In addition, with the support of public funding from the Federal Ministry of Education and Research (“abbreviated BMBF”) and EU initiatives, we have continued and furthered our cutting-edge research, solidifying our position as industry pioneers.
These efforts have facilitated the development of our flagship product, namely our hyperpolarization device “POLARIS”, which is now on the brink of release and is already available for ordering! With our product nearing availability, we are gearing up to make a lasting impact on the market, our users, and our community. POLARIS is not just a cutting-edge product; it is a game-changer in advanced cancer diagnosis and very early assessment of response to therapy. With its imminent availability, we are set to contribute significantly to the field, providing healthcare professionals with a powerful tool to enhance clinical applications in cancer care.
At the same time, our commitment to pioneering research remains stronger than ever. We are excited to share that a new scientific publication has been made available, showcasing our continued dedication to advancing knowledge and pushing the boundaries of possibility. You can find our latest publication here.
Lastly, our NVision family has grown exponentially, now comprising a dynamic team of 60 members. This expansion has brought in diverse expertise and perspectives, amplifying our capabilities. 2023 marked another significant milestone for NVision, our move to a new, state-of-the-art building with modern workspaces, prone to collaboration and creativity, as well as fully equipped laboratories. This upgrade has been made possible due to the strong support of the local government of the German state of Baden Wurttemberg and the Mayor of Ulm.
We want to congratulate you on your recent fundraising achievement! Can you share more details about the investors involved and how this funding will be utilized to drive NVision’s growth and commercialization efforts?
Thank you! We are excited to provide more insight into our investors and how this funding will boost NVision’s growth and commercialization efforts.
First off, the successful round was led by Playground Global, with participation by return investors b2venture (formerly btov Partners) and new participation from Pathena Investments, Entrée Capital, Lauder Partners, ES Kapital, and Sparkasse Ulm. The funding we have secured will play a crucial role in advancing our mission and will be strategically allocated across various key areas to maximize our impact.
A substantial portion of the funding will be directed towards manufacturing the devices. This includes optimizing production processes and ensuring the highest quality standards for our product. To ensure the success of our innovation, we are investing in robust marketing and sales initiatives. This will enable us to effectively reach our target audience and establish a strong market presence.
At the same time, while our commitment to research and development remains unabated, part of the funding will fuel ongoing R&D efforts, allowing us to continuously enhance our product and stay at the forefront of technological advancements.
What was the biggest challenge in your fundraising journey so far and how did you overcome it?
Navigating the fundraising landscape has been quite a journey, particularly in the current challenging environment for startups. However, our commitment to innovation, combined with the dedication of our team, allowed us to overcome this obstacle. We are honored to have successfully concluded an investment round, indicating the robustness of our vision and the confidence our investors have in us. We are grateful for the unwavering support from our existing investors and for the opportunity to connect with new and capable investors.
In parallel to your fundraising, could you update us on the recent advancements or breakthroughs in your platform?
I am thrilled to share that, following rigorous internal testing, our system has now advanced to the manufacturing phase. This milestone represents a pivotal moment as we prepare to introduce our groundbreaking innovation to the market.
Moreover, we hosted earlier this year an engaging and informative “Large live demonstration” event, where we had the privilege of demonstrating the robustness and efficacy of our system to a distinguished audience comprising leading researchers and industry experts. The enthusiastic feedback we received was a testament to the excitement and support our platform has garnered within our community.
Beyond showcasing our technological achievements, the “Large live demonstration” event also acted as a catalyst, bringing together key members from both research and industry circles. This sense of community and collaboration is fostering an environment of innovation and partnership that will drive our platform’s success. We are thrilled about the promising future that lies ahead as we continue to advance and refine our technology in response to the needs of our stakeholders.
As NVision moved towards launching the first commercial systems in 2024, what are the company’s expansion plans in terms of market reach and distribution?
As we approach the launch of our first commercial systems in 2024, NVision’s expansion strategy is set to bring our innovation to new heights. Our goal is to position NVision as a leader in the field by making our hyperpolarization technology accessible to leading centers globally. In 2024 alone, we plan to install our systems at renowned research and industry centers in the United States and Europe. This initiative will display our platform’s capabilities and establish us as a significant player in the med/biotech landscape.
At the same time, we are actively building a robust global supply chain to facilitate the smooth distribution of our Hyperpolarized MRI platform. This approach will guarantee that our innovative products reach customers from all locations efficiently and effectively.
How do you envision leveraging the partnerships and networks brought by previous funding and investment to advance your mission?
NVision thrives within a powerful network of researchers and industry leaders, a partnership that unlocks remarkable opportunities. Public funding, for instance, has given us the opportunity to lead and participate in robust consortial endeavors. A notable €17,8M multi-partite project, funded by the German government from 2022 through 2026, aims to develop a comprehensive platform capable of fabricating, detecting, and visualizing quantum-enhanced hyperpolarized MRI agents in MRI scanners for both animals and humans, with clinical and commercial viability in mind. To realize these ambitious objectives, QuE-MRT has assembled a consortium of leading industrial, clinical, and academic partners, from the fields of quantum sensing and medical imaging. This group of partners brings together a wealth of expertise in translating quantum applications into tangible, production-ready solutions, as well as advancing them through the clinical development process.
In addition, partnerships within our larger network provide access to diverse expertise, facilitating cross-disciplinary insights and accelerated progress in research and development. They open doors to new markets and regions, enabling us to amplify our impact and establish a solid foothold in the industry. Moreover, partnering with strong industry players lends credibility to our innovations, bolstering confidence among investors, customers, and stakeholders.
What’s next for NVision in terms of product development and innovation? Are there any exciting projects or upcoming milestones you can share?
NVision’s trajectory in product development and innovation is nothing short of exciting, with numerous milestones on the horizon. First of all, we are eagerly anticipating the launch of our first commercial product next year. This marks a significant achievement as we transition from development to making our innovations available to the market. As we prepare to launch our current product line, we are concurrently working on the next generation of products. This dual focus reflects our dedication to staying ahead of the curve and consistently pushing the boundaries of what is possible.
Building on the momentum of our commercial launch, the subsequent year (2025) will witness the introduction of our first clinical products. This expansion into the clinical realm signifies a pivotal step toward real-world applications including advanced cancer diagnosis and very early monitoring of response to therapy.
Our journey does not stop at product development. We are committed to forging meaningful partnerships with our customers. Collaborating closely with them, we aim to collectively make a substantial impact by addressing real-world challenges through our cutting-edge solutions.
Finally, reflecting on NVision’s journey, what are the most valuable lessons you’ve learned as a leader, and what advice would you give to aspiring entrepreneurs in the deep tech and healthcare sectors?
When I think about NVision’s journey, several lessons stand out. Developing cutting-edge technologies is not easy. Many times, our R&D teams found themselves exploring areas not even covered in scientific journals. This experience taught me the importance of having a genuine love for science. It is this passion that keeps the team going and drives innovation. For a deep-tech company to truly make a mark, it needs to be a welcoming place for top researchers.
Europe, and especially Germany, has been a great place for us. There is a wealth of talent here, from researchers to engineers, and in our case, we were able to attract additional talent from countries outside of Europe. This diversity of capabilities and cultures was instrumental to our success. Moreover, the support we have received in terms of funding from the European Commission and the German government has significantly bolstered our efforts and enabled us to navigate the complexities of the deep-tech domain with more ease.
Lastly, the right kind of investors are crucial – those who share your vision and are ready to support you for the long run.
For those looking to step into deep tech and healthcare, my advice is: build a passionate team, make the most of the resources around you, and find investors who genuinely believe in your mission.
Article published by EurA AG.
About Innovator Spotlight Stories
The aim of innovator stories is to highlight and share with investors and relevant stakeholders in the industry, insights, and unique stories from some of the most innovative EU-funded project that Dealflow.eu is proud to support.
If you are an investor who wants to connect with NVision, please feel free to reach out at [email protected]
More about Dealflow.eu
Supported by the European Commission, Dealflow.eu discovers and supports the most promising EU-funded innovators and connects them with relevant investors and corporates. The initiative was launched to help groundbreaking innovations secure the funding needed for their future commercialisation by offering them tailored support and matchmaking services.
To learn more about Dealflow.eu, visit https://dealflow.eu/
Disclaimer: Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the Directorate-General for Communications Networks, Content and Technology. Neither the European Union nor the granting authority can be held responsible for them.
