TVM Capital

What TVM Capital does

TVM Capital Life Science is a transatlantic venture capital firm specializing in life sciences investments. Founded in 1986 and headquartered in Munich, Germany, with a North American headquarters in Montreal, Canada, the firm manages approximately €900 million in assets across more than 150 life science investments and has executed over 100 exits including 45+ IPOs on major US and European stock exchanges. The firm operates a deliberate two-pronged investment strategy: first, financing innovative early-stage therapeutics through single-asset Project-Focused Companies (PFCs) that leverage a strategic relationship with Eli Lilly and Company, including optional access to Lilly's Chorus R&D unit for capital-efficient clinical development; and second, investing in differentiated commercial-stage medtech, diagnostics, and digital health products as well as late-stage therapeutics.

TVM's flagship vehicle is TVM Life Science Innovation II (TVM LSI II), which closed at US$478 million in October 2020 — the largest fund in the firm's history and substantially oversubscribed, with Eli Lilly alongside pension funds, endowments, foundations, family offices, fund-of-funds, and wealth managers as Limited Partners. The fund allocates roughly 50–60% of capital to PFCs for early-stage drug development and the remainder to late-stage medtech, diagnostics, and digital health companies. Active portfolio companies include Vektor Medical (AI-based ECG arrhythmia analysis with vMap), Kent Imaging (SnapshotNIR tissue oxygenation imaging), CSA Medical (RejuvenAir cryotherapy for chronic bronchitis), Access Vascular (hydrophilic biomaterial catheters), Recurv Pharma (novel taxane RP-001), Panthera Dental (CAD/CAM implants and D-SAD sleep appliances), Smart Reporting / Jacobian (AI-powered medical imaging reporting), LAmAb Biologics, Egg Medical, and others spanning immunology, oncology, autoimmune disease, and digital health.

TVM does not develop proprietary technology products. Revenue is generated through the standard venture capital model of management fees on committed or invested AUM plus carried interest on successful portfolio exits. The firm sources deals through a transatlantic network across North America and Europe, attending flagship healthcare conferences (JP Morgan Healthcare Conference, Bio-Europe, LSI Europe), maintaining a corporate website with funding request intake, and leveraging its Lilly strategic partnership for early-stage therapeutic deal flow. The leadership team is led by Managing Partners Dr. Hubert Birner (Munich, biotechnology portfolio), Dr. Luc Marengère (Montreal, investment strategy), and Stefan Fischer (Finance), supported by General Partners Dr. Sascha Berger, Dr. Alain Thibault, and Marc Rivière, and a bench of Principals and Associates.

Name

TVM Capital

Legal name

TVM Life Science Management Inc.

Website

https://tvm-capital.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

51–100 employees

Short description

TVM Capital Life Science is a transatlantic venture capital firm founded in 1986 and headquartered in Munich, managing roughly €900M across 150+ life science investments. It finances early-stage therapeutics via single-asset Project-Focused Companies with Eli Lilly, and invests in commercial-stage medtech, diagnostics, and digital health companies.

Ownership category

akta.pro rank

Product category

Life Sciences Venture Capital

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Healthcare & Life Sciences Growth Equity (FSANACAB)

akta.pro secondary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Venture capital
• Life science investing
• Biopharmaceutical financing
• Medical device investment
• Growth capital

Headquarters

HQ city

Munich

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Venture Capital Returns: TVM Capital generates returns for investors through successful portfolio company exits including IPOs and acquisitions. The firm manages TVM Life Science Innovation II with $478 million in committed capital and approximately $900 million under management total. Revenue is generated through management fees and carried interest from portfolio returns.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

TVM Capital Life Science is a transatlantic venture capital firm that provides capital and expertise to develop and market life science products. It pursues a unique two-pronged strategy: (1) financing innovative early-stage therapeutics through single-asset Project-Focused Companies (PFCs) leveraging a strategic relationship with Eli Lilly and Company, and (2) investing in differentiated commercial-stage medtech, diagnostics, and digital health products as well as late-stage therapeutics. The firm manages approximately €900 million across its TVM Life Science Innovation I and II funds.

Product overview

TVM Capital Life Science is a transatlantic venture capital firm offering two primary investment vehicles: TVM Life Science Innovation II (US$478 million fund, the firm's largest) and TVM Life Science Innovation I. The firm follows a unique two-pronged strategy combining (1) financing of innovative early-stage therapeutics through single-asset Project-Focused Companies (PFCs) leveraging a strategic relationship with Eli Lilly and Company, and (2) investment in differentiated commercial-stage medtech, diagnostics, and digital health products as well as late-stage therapeutics. The firm manages approximately €900 million in assets across >150 life science investments with teams in Montreal and Munich.

Differentiator

Problem solved

Functional benefit

Brands

• TVM Life Science Innovation II: The firm's flagship fund that follows a capital-efficient investment approach in early-stage therapeutics and late-stage medtech/diagnostics companies.
• TVM Life Science Innovation I

Products and services

• TVM Life Science Innovation II A US$478 million venture capital fund focused on early-stage therapeutics development through single-asset Project-Focused Companies and on late-stage clinical biopharmaceutical, medical device, and diagnostic investments in North America and Europe. Targeted to hold approximately 16 early-stage single-asset PFCs and 10 late-stage companies.
• TVM Life Science Innovation I TVM's first-generation life science venture capital fund that invested in innovative pharmaceutical and medical technology companies, including Esperas Pharma and the establishment of Project-Focused Companies for early-stage drug development.
• Project-Focused Company (PFC) Investment Model Single-asset company investment approach for early-stage drug development, leveraging TVM's strategic relationship with Eli Lilly and Company and providing optional access to Lilly's Chorus R&D unit for capital-efficient development to proof-of-concept. TVM majority-owns PFCs and structures clear equity plans for founders, academics, and management.

Quantifiable outcome

• TVM Life Science Innovation II raised US$478 million, substantially oversubscribed
• +3 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• WoundCentricsminorChannel Partner/ Reseller/ Distributor · 7 July 2025Kent Imaging partnered with WoundCentrics to propel wound care forward. Kent Imaging's SnapshotNIR technology integrates with wound care workflows.
• Smart ReportingcoreStrategic or Co-development Partner · 16 October 2024TVM portfolio company Smart Reporting acquired Fluency for Imaging, uniting to create Jacobian and accelerate AI-powered medical imaging reporting. This merger was announced October 16, 2025.
• BIOTRONIK and Egg MedicalminorStrategic or Co-development Partner · 19 February 2024BIOTRONIK and Egg Medical formed a strategic alliance to improve radiation protection for interventional healthcare workers. Egg Medical is a TVM portfolio company.
• Net HealthminorChannel Partner/ Reseller/ Distributor · 26 January 2021Kent Imaging became Net Health's first integrated imaging device. Kent's Snapshot device integrates with Net Health's Tissue Analytics platform for wound assessment, providing access to over 14,000 facilities including 98% of largest hospital chains.
• Dentsply SironacoreStrategic or Co-development Partner · 12 November 2020Dentsply Sirona and Panthera Dental (TVM portfolio company) announced collaboration for a fully digital workflow for custom-made sleep devices. Dentsply Sirona's Primescan intraoral scanner integrates with Panthera Dental's D-SAD for OSA treatment.
• Eli Lilly and CompanycoreStrategic or Co-development PartnerEli Lilly and Company is a Limited Partner in TVM Life Science Innovation II and TVM LSI I funds. The partnership provides TVM with access to certain drug candidates and the option for PFCs to engage Lilly's Chorus R&D unit for clinical development. Lilly's participation enables risk-sharing and access to external innovation.
• AffinityminorImplementation/ SI/ Consulting PartnerAffinity provides the central database system for TVM's funding request submission forms. They operate at 170 Columbus Ave, Floor 3, San Francisco, CA 94133. TVM has a data processing agreement in place with Affinity.

Scale indicators7 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Novo Holdings (Novo Ventures): Danich life sciences investor with venture and growth capital arms. Comparable as a healthcare-dedicated investor with similar investment stage focus and significant AUM scale.
• Atlas Venture: Early-stage life sciences venture capital firm focused on building biotech companies from inception. Comparable in early-stage therapeutics focus and PFC-style company creation approach.
• RA Capital Management: Healthcare-focused investment firm with venture, public equity, and credit strategies. Comparable in life sciences focus and transatlantic operations, with significantly larger AUM.
• Abingworth: Healthcare-focused venture capital firm with clinical development focus and transatlantic presence. Comparable in deploying capital across life sciences stages with a strong biotech thesis.
• Forbion: Dutch life sciences venture capital firm investing across biotech, medtech, and digital health with comparable fund size and European focus. Closely comparable in stage focus (early to late-stage therapeutics) and target geographies.
• LSP (Life Sciences Partners): European life sciences venture capital firm with focus on early to growth-stage biotech and medtech. Comparable in geographic focus (Europe) and stage diversification across therapeutics and medical devices.
• Sofinnova Partners: European life sciences-focused venture capital firm with similar early-stage therapeutics and medtech investment strategy. Directly comparable as both are transatlantic life science VCs with European heritage and similar portfolio construction approaches.
• OrbiMed: Global healthcare-dedicated investment firm across venture, growth, and public equities. Comparable as a healthcare-focused VC with biopharma and medical device portfolio focus, though significantly larger in AUM.
• Andera Partners (formerly Edmond de Rothschild): European venture and growth capital firm with dedicated life sciences practice. Comparable in transatlantic life science investing and stage diversification.

Others

• Eli Lilly - Strategic Partnership: Eli Lilly is a strategic LP and partner for TVM through the PFC model. Not a peer but a key ecosystem participant that provides access to Chorus R&D and risk-sharing on early-stage assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tvm-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments108 records

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

Frequently asked questions about TVM Capital