Multiwave Technologies AG

Background

Founded in 2015 and headquartered in Geneva, Switzerland, Multiwave Technologies AG is a deep science technology company specializing in the development of metamaterial technologies. The company's mission is to identify market needs across various industries and incubate innovative solutions that enhance living standards. Operating at the intersection of artificial intelligence and metamaterials, Multiwave focuses on creating advanced medical imaging devices, notably portable MRI scanners, to make diagnostic healthcare more accessible and affordable.

Key Strategic Focus

Multiwave's strategic objectives center on revolutionizing medical imaging through the development of portable MRI devices. By leveraging proprietary metamaterial technologies and AI-driven methodologies, the company aims to produce lightweight, cost-effective MRI scanners that can be deployed in diverse settings, including regions with limited access to traditional imaging infrastructure. This initiative targets a significant global need, as approximately two-thirds of the world lacks access to MRI technology.

Financials and Funding

As of September 2023, Multiwave Technologies has raised a total of CHF 3.8 million in two consecutive capital increases. This includes the conversion of a CHF 1.47 million convertible loan from existing and new investors, such as the FONGIT Innovation Fund (FIF), and an additional CHF 2.3 million cash injection led by Ava Investors. The company plans to utilize these funds to advance its portable MRI device, MGNTQ™, through the regulatory approval process, aiming for FDA 510(k) approval in 2024 and CE marking in 2025.

Pipeline Development

Multiwave's flagship product, MGNTQ™, is a portable MRI device designed to be the world's lightest scanner of its kind. The device is currently progressing through the regulatory approval process, with anticipated FDA 510(k) approval in 2024 and CE marking in 2025. This timeline positions MGNTQ™ to address the global demand for accessible and affordable MRI technology in the near future.

Technological Platform and Innovation

Multiwave Technologies distinguishes itself through its proprietary metamaterial technologies and AI-driven design methodologies. These innovations enable the development of medical imaging devices that challenge conventional MRI physics by controlling electromagnetic wave propagation within the scanner. The company's research has led to the creation of WearMe, a lightweight, wireless, and wearable radiofrequency product designed to reduce MRI scanning times by 50% in high-field MRI scanners (1.5T and above), thereby increasing patient throughput by 25%.

Leadership Team

Tryfon Antonakakis: Co-Founder and Co-CEO, with a background in engineering and applied mathematics. He leads Multiwave's interdisciplinary research efforts, focusing on portable MRI intellectual property. His prior experience includes research at CERN and a PhD in applied mathematics from Imperial College London.

Panos Antonakakis: Co-Founder, Co-CEO, and Chairman, with expertise in economics and finance. He has been instrumental in securing funding and partnerships, guiding Multiwave's pivot to medical imaging innovation. His background includes roles at the World Trade Organization and in the FMCG sector.

Kseniia Lezhennikova: Metamaterial Engineer, focusing on hyperbolic metamaterials for medical imaging applications. She joined Multiwave in 2021 and is pursuing a PhD at Institut Fresnel.

Aris Lanaridis: Senior AI Researcher, specializing in deep learning techniques for medical imaging applications. He joined Multiwave in 2017, bringing experience in big data technologies and machine learning.

Jonathan Bartoli: Head of Grants, responsible for securing grant financing to support Multiwave's growth. He joined the company in 2020, with prior experience in European research projects and funding acquisition.

Competitor Profile

Market Insights and Dynamics

The global metamaterials market is experiencing rapid growth, with projections estimating an increase from USD 284.10 million in 2021 to USD 1,813.57 million by 2028, at a CAGR of 36.20%. This growth is driven by demand across sectors such as aerospace, defense, automotive, consumer electronics, and medical applications.

Competitor Analysis

Hyperfine: A competitor in the portable MRI space, Hyperfine has developed the Swoop™ Portable MR Imaging System, designed to provide point-of-care imaging. The company focuses on making MRI technology more accessible and affordable.

Echodyne Inc.: Specializes in solid-state radar platforms using proprietary Metamaterials Electronically Scanned Array (MESA) technology, offering high-performance, cost-effective solutions for defense and security applications.

Kymeta Corporation: Develops flat-panel antennas based on metamaterial technology, providing satellite communication solutions for mobile platforms.

Strategic Collaborations and Partnerships

Multiwave Technologies has established significant collaborations to bolster its innovation capacity and market position. In 2023, the company's research center in France secured a €700,000 grant from the European Commission, leading a consortium for a Horizon Europe grant totaling €3.5 million. This funding aims to accelerate growth and facilitate regulatory approvals for the MGNTQ™ device.

Operational Insights

Strategically, Multiwave focuses on leveraging its metamaterial technologies to enhance the performance and accessibility of medical imaging devices globally.