From a matchmaking event to a material funding round

The European Innovation Council's Investor Programme arranges investor-startup matchmaking and one visible outcome of that activity was the connection between German quantum-MRI company NVision Imaging Technologies and venture firm PATHENA Investments. The two organisations first met during the EIC x CUF Investor Day on Healthcare in Lisbon in November 2022. That introduction led to follow-up conversations and, ultimately, to PATHENA becoming part of a Series A funding group that invested in NVision in 2023.

What NVision makes and why it matters

NVision positions POLARIS as an end-to-end solution. In its materials the company lists key features and technical specifications. Dose production is described as three minutes per dose with a dose-to-dose interval of roughly 15 minutes including cleaning. Reported polarisation at time of injection for 13C-pyruvate is above 15 percent. Available dose sizes include options such as 0.8 mL at 80 mM, 1 mL at 160 mM and 2 mL at 80 mM. POLARIS uses prepacked consumables and parahydrogen cylinders that the company says are stable for transport and storage. The system is presented as mobile within standard building constraints and compliant with usual laboratory equipment certifications.

How the investor relationship formed

PATHENA Investments is a European venture capital firm that focuses on digital health, information technology and medical high-tech. António Murta, PATHENA's managing partner and CEO, described the meeting at the EIC event as well organised and productive. According to NVision's head of business development, PATHENA was already on NVision's radar because of the firm's track record in medical imaging investments and its network in Iberia and Brazil. PATHENA's stated investment style is active and hands-on and the firm committed to support NVision's business development and internationalisation efforts.

Funding numbers and reporting differences

Public reporting about NVision's Series A contains divergent figures and additional public funding. Different outlets and NVision communications cite amounts in dollars and euros and mention complementary government grants. These inconsistencies matter because they change the apparent scale of private capital and the company runway. The table below summarises the reported figures and the immediate sources where they appear.

Taken together the sources indicate a multi-million euro funding package from both private investors and public programs in 2023, with PATHENA named among private participants. The differing numbers suggest that some reports state only the private vehicle portion while others include matched public grants. Readers should note the variation and look for company filings or official investor releases for final accounting.

Technical validation and partnerships reported externally

Beyond investor press statements NVision has published comparative preclinical data and imaging examples showing PHIP-based polarised pyruvate performance against dynamic nuclear polarisation in animal tumour models. Independent clinical deployment will however depend on multi-centre human trials and collaborations with scanner manufacturers and hospital systems. Some industry reporting names a collaboration with Siemens Healthineers with plans to deploy polariser systems to cancer centres. That collaboration, if implemented at scale, could help shorten the time from prototype to routine clinical use because scanner vendor participation often reduces integration risk for radiology departments.

Why commercialising metabolic MRI is complex

Clinical validation

Showing early metabolic response in animals is not the same as establishing clinical utility. Robust, prospective human trials are needed to prove that early metabolic readouts change patient outcomes or cost effectiveness compared with standard care. That requires time, clinical partners and regulatory strategy.

Regulatory and quality challenges

Hyperpolarised doses, precursor chemicals, catalysts and the polariser itself are regulated as drug product components, medical devices or both depending on jurisdiction. Companies must address manufacturing quality, sterility, transporter stability and local medical device or medicinal product approvals. These pathways can be lengthy and expensive.

Operational integration and supply chain

To make metabolic MRI routine hospitals need reliable supply of parahydrogen, validated consumables, trained technicians and fluidic workflows that fit into busy radiology schedules. NVision highlights short production times and room-temperature operation to reduce operational friction but large scale adoption demands robust logistics, billing codes and staff training.

Reimbursement and clinical adoption

Early diagnostic information is only valuable if clinicians and payers accept it and change management on that basis. That means generating not only diagnostic accuracy data but cost effectiveness evidence and clinician education. Payer pathways in Europe are heterogeneous so commercialisation will require market by market strategy.

EIC Investors Programme and the wider EU innovation landscape

The EU innovation ecosystem often mixes grant funding such as EIC Pathfinder or Horizon awards with later stage VC rounds. That pairing can de-risk technology development so it is attractive to venture investors. At the same time the path from successful deep tech prototype to regulated, reimbursed clinical product is long and capital intensive which means sustained investor support and strategic partnerships are critical.

Outlook and a measured perspective

NVision illustrates a common pattern in European deep tech health startups. Public grants and targeted EIC exposure opened investor doors and a syndicate including PATHENA became part of a sizeable Series A. The technology itself is promising because rapid hyperpolarisation could materially change how clinicians measure early treatment response. But hype should be balanced with the recognition that clinical proof, regulatory clearances and operational roll-out across hospitals are nontrivial tasks. Observers should watch for peer reviewed human trial results, regulatory filings, definitive investor disclosures that reconcile the varied funding figures and early commercial partnerships that demonstrate repeatable workflows in routine care.

For NVision the immediate priorities will likely be executing clinical studies that prove utility, establishing manufacturing and logistics for consumables and parahydrogen, and using investor networks to open target national markets. PATHENA's hands-on support in Iberia and Brazil and access to clinical contacts could shorten parts of that path. Yet the transition from a promising deep tech startup to a widely used clinical imaging tool will demand patience, capital and evidence.

Supporting detail and background

NVision was described in the EIC material as a developer of MRI polarisers and hyperpolarised imaging agents founded around 2015. The company previously received EIC Pathfinder funding in the MetaboliQs project of roughly €1.4 million. PATHENA is a venture capital firm with a focus on digital health and medtech and describes itself as an active, hands-on investor with reach into Iberia and Brazil. Multiple press reports in mid 2023 placed NVision at the centre of a large Series A investor group while also noting additional public funding in support of polariser deployment.