MindMaze Revenue, Valuation, Funding & Investors

MindMaze is valued at $1.5B as of February 2022.

Last MindMaze valuation

$1.5B

Undisclosed stage · Feb 2022

Last MindMaze funding round

$105M

Undisclosed stage · Feb 2022

MindMaze revenue

$8M

Undisclosed stage · Feb 2022

Key investors in MindMaze

  • AlbaCore Capital
  • Salica Investments
  • Concord Health Partners
  • Hinduja Group

MindMaze Overview

About MindMaze

MindMaze is a Lausanne-headquartered digital neurotherapeutics company founded in 2012 with offices in Zürich, Ecublens, Switzerland, and San Francisco. It develops medical-grade virtual reality platforms like MindMotionPRO for neurological rehabilitation, offering personalized VR exercises that enhance motor recovery for stroke and brain injury patients. The technology incorporates 3D motion capture, gesture recognition, augmented reality, brain imaging, and neuroscience for intuitive human-machine interfaces. MindMaze's solutions optimize clinician workflows, support therapy dosing, and extend to gaming and brain-computer control applications.


Founded

2012

HQ

SwitzerlandLausanne

Status

Privately held

Customer focus

B2B

Revenue model

Subscription, Licensing

Revenue

$8M (Feb 2022)

Valuation

$1.5B (Feb 2022)

MindMaze Valuation

MindMaze is currently valued at $1.5B, based on its undisclosed-stage round in February 2022.

The $105M round was led by Concord Health Partners, with participation from AlbaCore Capital and Salica Investments.

MindMaze's valuation has grown 1.5x from $1B at its Series A in February 2016 to $1.5B in February 2022, across 3 priced rounds.

MindMaze valuation by funding round

Revenue multiple
MindMaze valuation by funding round
DateStageValuationRevenue Multiple
Feb 2022Undisclosed stage$1.5B187.5x
Oct 2021Undisclosed stage$1.5B-
Feb 2016Series A$1B-

MindMaze Revenue

MindMaze's latest recorded revenue is $8M, as of its undisclosed-stage round in February 2022.

MindMaze revenue by funding round

MindMaze revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Feb 2022$8M$1.5B187.5xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

MindMaze Funding History

MindMaze has raised a total of $340M across 4 funding rounds.

MindMaze's first fundraising round was a $10M seed round in March 2015. The most recent completed round was a $105M undisclosed-stage round in February 2022.

MindMaze funding rounds

MindMaze funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2022Undisclosed stageConcord Health Partners (lead); AlbaCore Capital; Salica Investments$105M$1.5BMindMaze is a Switzerland-based digital neurotherapeutics company spun out of EPFL in 2012, developing a platform that integrates AI, mixed reality, biosensing, digital therapeutics, and motion analytics to treat neurological conditions like stroke, Alzheimer's, and Parkinson's. It has secured FDA and CE marks for multiple products and focuses on gamified rehab solutions such as MindPod Dolphin for upper limb motor skills recovery using sensors and gaming. The company announced a $105 million financing round on February 17, 2022, led by Concord Health Partners, with participation from AlbaCore Capital Group, Hambro Perks, and family offices; this followed a $125 million raise in October 2021, bringing total funding to over $348 million across multiple rounds. The new capital supports product development, clinical evidence generation (with 10 trials across seven indications), commercial expansion especially in the US, R&D acceleration, and strategic partnerships including one with the American Hospital Association for broader provider and payer access. CEO Tej Tadi highlighted the funding's role in ramping up commercial activity and deploying solutions globally across the care continuum. Investors like Concord praised MindMaze's leading technology in neuro-rehabilitation, noting benefits for patients, providers, and payers in brain health recovery. MindMaze aims to launch at least three new prescription digital therapeutics by 2023 and has attracted high-profile backers, including Leonardo DiCaprio on its cap table. The firm operates offices in Lausanne, London, and Baltimore, positioning it at the forefront of brain tech advancements.
Oct 2021Undisclosed stageAlbaCore Capital (lead)$125M$1.5BMindMaze, a Switzerland-based digital neurotherapeutics company founded in 2012 as an EPFL spin-off, develops a SaaS-based platform offering digital therapies like games for neuro-rehabilitation, targeting conditions such as stroke, traumatic brain injury, Parkinson's, and aging-related disorders. Products include MindMotion Go for motor skills improvement, MindPod for cognitive and motor training, and TOAP Run for Parkinson's patients, with three FDA clearances and four CE marks across eight indications. The company operates in over 20 countries, collaborates with about 90 healthcare providers, and had 140 employees across offices in Lausanne, Baltimore, London, Paris, and Mumbai as of late 2021. In October 2021, MindMaze closed a $125 million financing round from AlbaCore Capital Group, a London-based specialist in public and private corporate credit markets, achieving unicorn status with a post-money valuation exceeding $1.5 billion according to Bloomberg. This followed a $100 million round in 2016 led by Hinduja Group and support from investors like Leonardo DiCaprio. The funds were earmarked to accelerate commercialization of its neuro-rehab platform, especially in North America and Europe, expand restorative solutions for brain repair, pursue clinical trials, and partner with pharmaceutical companies combining digital therapeutics with drug discovery. MindMaze had recently expanded partnerships in Latin America, the Middle East, Spain, and Switzerland. The company was considering paths to public markets, either traditional IPO or SPAC. A subsequent $105 million round in early 2022 included AlbaCore and new lead Concord Health Partners, valuing it at least at $1.5 billion, building on its FDA/CE validated portfolio and AI/mixed reality technologies for brain health recovery.
Feb 2016Series AHinduja Group (lead)$100M$1BMindMaze, a Switzerland-based spinout from the Swiss Federal Institute of Technology founded in 2012, develops a multisensory computing platform integrating virtual reality, computer vision, neuroscience, artificial intelligence, and haptics for intuitive human-machine interfaces. The platform has been commercialized for rehabilitating stroke and brain-injury patients and is positioned for broader applications in gaming, healthcare, transportation, defense, and media. In February 2016, MindMaze secured commitments for a $100 million funding round led by the Hinduja Group, a global conglomerate that had invested since the company's early stages, with participation from undisclosed family offices. This followed a prior seed round of approximately $8.5-10 million in 2015 or earlier from grants, foundations, and angels. The round was completed at a pre-money valuation exceeding $1 billion, marking MindMaze as a unicorn and highlighting investor confidence in its neural VR technology. Hinduja Group's involvement provides strategic support for distribution, manufacturing, and scaling, particularly in Asia through partnerships for financing, leasing, and sales in over 50 countries. MindMaze's medical devices were certified for sale in Europe, the Middle East, and parts of Asia, with North American certification expected in 2016, and expansion planned into U.S. clinical centers for motor and cognitive recovery. The company, employing 52 specialists including neuroscientists, engineers, and machine learning experts, operates units in healthcare, media, and transportation. It aims to license its technology for VR ecosystems, develop standalone hardware, and gamify experiences for both medical rehabilitation and consumer applications, competing with players like Magic Leap.
Mar 2015Seed-$10M-MindMaze, a Switzerland-based company founded in 2012 as a spinout from the Swiss Federal Institute of Technology, develops a multisensory computing platform combining virtual reality, computer vision, neuroscience, AI, and haptics for intuitive human-machine interfaces. The platform targets rehabilitation for stroke and brain-injury patients and aims to extend into gaming, defense, automotive, and mainstream VR/AR products. In March 2015, MindMaze raised an $8.5 million funding round, following a prior $10 million seed from grants, foundations, and angels. This round preceded a larger $100 million raise in February 2016 led by Hinduja Group at a pre-money valuation over $1 billion. Hinduja had invested since early stages, supporting expansion in healthcare and beyond. By 2016, MindMaze had commercialized medical-grade neural VR platforms with regulatory approvals in Europe and Asia, securing orders for devices from hospitals. The company employed around 55 people across Europe and San Francisco, with plans to grow its patent portfolio and team.

Who has invested in MindMaze?

4 investors have backed MindMaze across its funding rounds, including AlbaCore Capital, Salica Investments, Concord Health Partners and Hinduja Group.

Lead investors include Concord Health Partners, AlbaCore Capital and Hinduja Group.


MindMaze Investors

Investors in MindMaze by funding rounds participated
InvestorHQRoundsRoleFirst check
AlbaCore CapitalUnited KingdomLondon2LeadOct 2021
Concord Health PartnersUnited StatesSummit, NJ1LeadFeb 2022

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by MindMaze

MindMaze has acquired 4 companies to date.

Last acquisition by MindMaze was on November 13th 2018. MindMaze acquired Neuro Motor Innovations for undisclosed valuation.


Latest Acquisitions by MindMaze

Neuro Motor Innovations
Intento
NeuroPro
Gait Up
Description
Neuro Motor Innovations is a medical technology company creating immersive VR therapy platforms for aging and neurology patients. Its experiences combine cognitive challenges with motor tasks to improve movement and brain function outcomes in rehabilitation settings.
Intento is a digital health company developing functional electrical stimulation devices for stroke rehabilitation. Zurich-based, its tablet-controlled system simplifies motor function recovery without requiring electrode expertise or complex setup. Therapists use the application paired with patient wearables to deliver personalized sessions, distinguishing it from traditional neuromuscular stimulators in clinical settings across Europe.
NeuroPro is a Swiss company based in Zurich that engineers real-time neurophysiology tools for brain researchers. It produces high-performance EEG amplifiers, wireless headsets, and analysis software leveraging FPGA technology for low-latency data processing. The firm's eego series supports up to 512 channels and integrates with mobile devices for ambulatory studies. NeuroPro collaborates with institutions like the University of Zurich to advance hyperscanning and seizure detection applications. Founded in 2012, it serves over 200 labs worldwide with cost-effective hardware that processes brain signals at sampling rates exceeding 30 kHz.
Gait Up is a Lausanne-headquartered medical technology company spun off from University Hospital of Lausanne and EPFL in 2013. It develops wearable sensor systems for precise gait and movement analysis in clinical, research, and performance settings. Products like Physilog serve over 50 customers across academics, clinics, and industries in Europe, North America, and Asia.
HQ CountryUnited StatesSwitzerlandSwitzerlandSwitzerland
HQ City
Baltimore, MD
Lausanne
Zurich
Lausanne
Deal Date13 Nov 201825 Apr 201825 Apr 20189 Oct 2017
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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MindMaze Competitors

MindMaze competitors include listed companies like Butterfly Network, BoneSupport, Alpha Tau Medical and Alphatec Holdings, and private ones like Carestream and SiBionics.

Public and private companies comparable to MindMaze
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Butterfly NetworkUnited StatesUnited StatesPublicly listed$98M($73M)$2.1B17.6x
CarestreamChinaShanghaiPrivate--$800M-
SiBionicsChinaChinaPrivate--$717M-
BoneSupportSwedenSwedenPublicly listed$120M$21M$1.5B9.7x
Alpha Tau MedicalIsraelIsraelPublicly listed-($45M)$1.4B2659.7x
Alphatec HoldingsUnited StatesUnited StatesPublicly listed$764M($15M)$1.6B2.5x

MindMaze Public Comps

MindMaze is still privately-owned, but its public comps include Savaria, Beijing Balance Medical, El.En. Group, BoneSupport, Shanghai MicroPort, Haier Biomedical, Nolato, Alpha Tau Medical, Alphatec Holdings and Sun Corp..

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Savaria$655M$113M2.5x2.3x14.3x11.2x
Beijing Balance Medical$92M$37M15.9x-40.0x-
El.En. Group$680M$96M1.9x2.1x13.3x11.1x
BoneSupport$120M$21M11.8x9.7x67.1x36.2x
Shanghai MicroPort$201M$108M6.1x5.6x11.4x10.6x
Haier Biomedical$347M$54M3.6x3.4x23.7x22.2x
Nolato$965M$161M1.4x1.4x8.7x8.3x
Alpha Tau Medical-($45M)-2659.7x(30.1x)(26.5x)

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Common questions about MindMaze

When was MindMaze founded?MindMaze was founded in 2012.
Where is MindMaze headquartered?MindMaze is headquartered in Lausanne, Switzerland.
Is MindMaze publicly listed?No, MindMaze is a private, VC-backed company.
What is MindMaze's valuation?MindMaze was last valued at $1.5B in its undisclosed-stage round in February 2022.
How much funding has MindMaze raised?MindMaze has raised $340M across 4 funding rounds.
What was MindMaze's last funding round?MindMaze's last funding round was a $105M undisclosed-stage round in February 2022, led by Concord Health Partners.
Who are MindMaze's investors?MindMaze's investors include AlbaCore Capital, Concord Health Partners, Hinduja Group and Salica Investments.
What is MindMaze's revenue?MindMaze's latest recorded revenue is $8M (February 2022).
Which companies are comparable to MindMaze?Companies comparable to MindMaze include Butterfly Network, Carestream, SiBionics, BoneSupport, Alpha Tau Medical and Alphatec Holdings.
How many companies has MindMaze acquired?MindMaze has acquired 4 companies, including Neuro Motor Innovations, Intento, NeuroPro and Gait Up.

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