What Multiwave Technologies does

Multiwave Technologies AG is a Geneva-based deep-technology company founded in 2015 by brothers Tryfon Antonakakis (PhD) and Panos Antonakakis, focused on portable magnetic resonance imaging. Its single commercial product, the MGNTQ, is an AI-powered, ultra-low field portable MRI scanner weighing just over 200 kg, designed to bring MRI to settings where conventional systems are uneconomic or impractical. The device combines proprietary metamaterial-based hardware and algorithms developed with Imperial College London, Institut Fresnel (CNRS/Aix-Marseille University), and Leiden University Medical Center with deep-learning methods for image segmentation and accelerated acquisitions. Use cases span ICU/emergency/intra-operative hospital imaging, rural and home-care settings, neonatal and infant imaging, and clinical research applications such as dementia, addictions, and hand/wrist imaging.

The company operates through wholly-owned subsidiaries in Geneva (headquarters), Marseille (R&D, since 2016, co-located with Institut Fresnel), and Lowell, Massachusetts (production, since 2025). Revenue today is generated primarily through research-grade device sales to academic medical centers and universities including Mount Sinai, Johns Hopkins, the University of Sussex, IMT Atlantique, and Aix-Marseille University via the A*Midex industrial Chair (5 devices, 2024-2027). Post-regulatory approval, Multiwave plans to shift to a subscription-based model to drive global deployment at a price point 5-10x below conventional MRI. Total capital raised since inception is CHF 23 million, split evenly between dilutive and non-dilutive sources, with the most recent $4.5M dilutive round led by Ava Investors in September 2025.

Commercially, Multiwave sells directly to enterprise customers via institutional tenders and research agreements, supported by reference customers at tier-one hospitals and an advisory board drawn from Imperial College London, Leiden University Medical Center, Aix-Marseille University, and major clinical institutions. The European Commission's Innovation Radar Prize and 2018 Best Young SME award, plus coverage in Forbes Greece in October 2025, provide external validation, while the recent recruitment of ex-Samsung Neurologica VP of Engineering Michael Limoli and the relocation of production to the US indicate preparation for scaled US commercialization.

Name

Multiwave Technologies

Legal name

Multiwave Technologies AG

Website

https://multiwave.ch

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Multiwave Technologies builds the MGNTQ, an AI-powered, ultra-low field portable MRI scanner (~200 kg), targeting hospitals, underserved regions, neonatal and claustrophobic patients, and medical research institutions through direct sales and a planned subscription model.

Ownership category

akta.pro rank

Product category

Portable Medical Imaging Equipment

NAICS

Electromedical and Electrotherapeutic Apparatus Manufacturing (334510)

SIC

Electromedical & Electrotherapeutic Apparatus (3845)

akta.pro primary industry

Portable, Mobile & Point-of-Care Imaging Systems (HLAHABAL)

Keywords

• Portable MRI scanners
• Medical imaging devices
• Ultra-low field MRI
• Metamaterial technology
• AI medical imaging

Headquarters

HQ city

Geneva

HQ country

Switzerland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Operations, Infrastructure

Revenue model

1. Portable MRI Hardware Sales: Sale of MGNTQ portable MRI scanners to healthcare providers and research institutions. Devices sold to hospitals, universities, and medical research centers for diagnostic and research applications.
2. Subscription-Based Model: Post-regulatory approval, Multiwave plans to offer a subscription-based model to facilitate global deployment of portable MRI scanners, providing recurring revenue from device access and services.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Multiwave Technologies develops and sells the MGNTQ, an ultra-low field portable MRI scanner weighing just over 200kg. The AI-powered device is designed for mobility and affordability at 5-10x lower cost than conventional MRI scanners, enabling diagnostic and preventive imaging in settings where conventional MRI is not accessible, including hospitals (ICU, emergency, intra-operative care), rural areas, home care, retirement homes, and sporting events. The product leverages proprietary metamaterial algorithms and deep learning techniques for image segmentation and accelerated MRI acquisitions.

Product overview

Multiwave Technologies is a science and technology innovator in metamaterials, artificial intelligence, and medical imaging. The company offers a single unified product: the MGNTQ portable MRI scanner, an ultra-low field mobile device designed to make MRI accessible globally. The MGNTQ is an AI-powered device weighing just over 200kg, intended for diagnostic and preventive care in circumstances where conventional MRI is not easily accessible. The company has pivoted from its original focus on metamaterial software to medical imaging innovation, leveraging its expertise in metamaterials and AI to develop portable imaging solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• MGNTQ Portable MRI Scanner Ultra-low field portable MRI scanner weighing just over 200kg, designed for maximum mobility and affordability. AI-powered device for diagnostic and preventive care imaging where conventional MRI is not accessible. Targeted at healthcare providers and research institutions including hospitals, medical schools, and academic centers for applications in intensive care, emergency, intra-operative care, rural healthcare, dementia and neonatal research, and community imaging.

Quantifiable outcome

• 5-10x more affordable than conventional MRI scanners
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature4 records

Partnerships

Ten partnerships are on record, tiered core, flagship and minor.

• IMT AtlantiquecoreStrategic or Co-development Partner · 1 January 2025IMT Atlantique in Brest, France won a tender and agreed to purchase Multiwave's portable MRI for research in neo-natal imaging applications.
• A*Midex Foundation (Aix-Marseille University)flagshipStrategic or Co-development Partner · 1 January 2024The A*Midex Foundation of Aix-Marseille University and Multiwave signed a 4-year industrial Chair for medical imaging (2024-2027) with total program budget of €2.9 million. 5 portable MRI scanners to be delivered. Previously co-financed the Multiwave Chair (2021-2023) with €1.3 million budget.
• Johns Hopkins School of MedicinecoreStrategic or Co-development Partner · 1 January 2024Johns Hopkins School of Medicine acquired Multiwave portable MRI scanner in 2024 to continue research on community imaging with a focus on addictions.
• Clinique de la Main GenèvecoreStrategic or Co-development Partner · 1 January 2024Strategic partnership to develop portable MRI for hand and wrist imaging applications.
• Leading MRI OEMminorOEM/ Whitelabel/ Licensing Partner · 1 January 2023A leading MRI original equipment manufacturer concluded a non-exclusive collaboration agreement with Multiwave in 2023 to conduct a feasibility study on the potential to adapt Multiwave's device for novel clinical applications.
• Mount Sinai Hospital New YorkcoreStrategic or Co-development Partner · 1 July 2022Mount Sinai Hospital New York concluded a partnership agreement with Multiwave in July 2022 to purchase a portable MRI scanner and conduct research on ultra-low field MRI. The scanner was later transferred to Johns Hopkins.
• University of Sussex (Brighton & Sussex Medical School)coreStrategic or Co-development Partner · 1 January 2022University of Sussex signed a master research agreement with Multiwave in 2022 to acquire Multiwave's portable MRI device to conduct research on monitoring dementia.
• Leiden University Medical CentercoreTechnology or Integration · 1 January 2018Multiwave partnered with Leiden University Medical Center in 2018 to apply its metamaterial design software on magnetic resonance imaging. Professor Andrew Webb serves as scientific advisor.
• Imperial College LondoncoreTechnology or Integration · 1 January 2016Multiwave partnered with Imperial College London in 2016 to develop metamaterial algorithms. Co-founder Tryfon Antonakakis completed PhD in applied mathematics at Imperial College and worked there as post-doctoral research associate.
• Institut Fresnel (CNRS/Aix-Marseille University)flagshipTechnology or Integration · 1 January 2016Multiwave created a wholly-owned R&D subsidiary in France and partnered with Institut Fresnel, a joint lab of CNRS and Aix-Marseille University, to develop next-generation metamaterials for medical imaging. Multiple employees and researchers from Institut Fresnel joined or collaborate with Multiwave.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Hyperfine: Hyperfine is the closest direct competitor — it has developed and FDA-cleared the Swoop portable MRI scanner, pursuing the same category Multiwave targets with MGNTQ. Both companies aim to bring MRI to bedside and underserved settings using low-field, low-cost, AI-enabled hardware.

Broad incumbents

• Siemens Healthineers: Global MRI incumbent with a broad portfolio of 1.5T/3T systems and a deep installed base in hospitals. Comparable as the established category leader that any portable MRI disruptor must displace, and a likely OEM/licensing counterparty for Multiwave.
• GE HealthCare: Major MRI incumbent with deep clinical channel relationships and a wide product range across imaging modalities. Relevant as both a competitive threat in portable imaging and a potential strategic partner for distribution.
• Philips Healthcare: Diversified imaging OEM with broad MRI and patient monitoring offerings. Comparable as an incumbent with the service, regulatory, and hospital procurement relationships that any portable MRI entrant must leverage or compete against.
• Samsung Neurologica: Samsung subsidiary that pioneered mobile CT (CereTom, BodyTom) and is a natural analogue for portable imaging. Directly comparable given Multiwave's recent hire of ex-Samsung Neurologica VP Engineering and the board presence of former Samsung/Neurologica executives.
• Canon Medical Systems: Diversified imaging OEM (MRI, CT, ultrasound) with global hospital reach. Comparable as an incumbent that could leverage distribution scale to counter or acquire portable MRI entrants.
• Fujifilm Healthcare: Imaging OEM with MRI and mobile imaging offerings, including point-of-care and bedside solutions. Comparable as an incumbent pursuing accessible imaging — relevant strategic adjacency to Multiwave's portability thesis.
• United Imaging Healthcare: Global MRI/CT OEM with rapidly expanding presence in developed and emerging markets and a broad product portfolio. Comparable as an incumbent increasingly competing on price and accessibility — directly aligned with Multiwave's emerging-market thesis.

Emerging players

• Aspect Imaging: Developer of compact, dedicated MRI systems (notably for neonatal/infant imaging in NICU settings) that overlap with Multiwave's portable, low-acoustic use case. Relevant as a niche competitor focused on similar patient populations (neonates, ICU).
• Synaptive Medical: Neuro-focused imaging and surgical visualization company with compact MRI and AI-driven imaging tools. Comparable as a smaller specialty player combining hardware and AI software to address clinical neurology workflows — overlapping with Multiwave's research use cases at Johns Hopkins and Sussex.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/multiwavet
• LinkedInlinkedin.com/company/multiwave-technologies-ag

Revenue estimate

Valuation estimate

Number of profiles

Profiles26 records

Subsidiaries2 records

Funding overview

Funding rounds19 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Multiwave Technologies