Meusinvest (Noshaq)

Meusinvest S.A. is a venture capital firm based in Liège, Belgium, that focuses on seed, start-up, and growth capital investments in small and medium-sized companies. The firm primarily targets companies within the energy, sustainable development, biotech, digital, industry 4.0, real estate, quality food, and cultural sectors, specifically in the Liège province. It invests in businesses with an annual turnover of up to €50 million or an enterprise value of up to €43 million, typically taking a minority stake. Meusinvest can request a seat on the Board of Directors of its portfolio companies and prefers management buyouts as its exit strategy. In addition to equity investments, the firm offers convertible bonds, financing solutions, loans, and support for strategic projects. Founded in 1985, Meusinvest continues to play a significant role in supporting regional economic growth.

Joanna Tyrekidis

CEO of Noshaq Spin-Offs

Past deals in Belgium

Ampacimon

Series C in 2023
Founded in 2010, Ampacimon specializes in dynamic line rating systems for transmission and distribution grid operators worldwide. Its solutions include ADR View, ADR Sense, ADR Operate, ADR Trend, and ADR Horizon, enabling operators to forecast congestion problems and address them through cost-effective reconfiguration actions.

RISORCE

Series A in 2023
RISORCE fills a need in Belgium for local solutions for processing tire waste while remaining dedicated to a circular economy strategy. We provide a regionally-based, technologically and environmentally sound solution.

IVEX

Seed Round in 2023
IVEX is a technology company specializing in the development of tools and software for the testing and validation of advanced driver-assistance systems (ADAS) and autonomous driving (AD) vehicles. Originating from the University of Leuven, IVEX has assembled a diverse team from over ten countries and has established partnerships with prominent industry players, including Siemens. The company focuses on enhancing the efficiency of engineers who analyze extensive driving data generated by AD/ADAS systems. IVEX offers a cloud-based suite of testing and validation tools, alongside an onboard real-time safety checker, which can function independently or in tandem. Its software solutions enable the identification and categorization of driving scenarios, the creation of digital representations for simulation, and the analysis of large datasets with reduced computational demands. By prioritizing safety and performance, IVEX positions itself as a critical player in the evolving landscape of automated vehicle technology.

Aerospacelab

Series B in 2022
Aerospacelab is a Belgian company founded in 2017 that designs, builds, and operates small satellites equipped with high‑resolution optical sensors. Its platform captures multiple images of the same area, enabling frequent monitoring of land, infrastructure, and environmental changes. The company integrates artificial intelligence and machine learning to automate tasks such as surveying, data processing, and analysis, allowing clients to quickly interpret large volumes of imagery. Headquartered near Brussels, Aerospacelab serves customers in agriculture, forestry, urban planning, and disaster response, providing actionable insights from satellite data.

EyeD Pharma

Venture Round in 2021
EyeD Pharma SA is a pharmaceutical company based in Liège, Belgium, specializing in the development and commercialization of innovative drug products for ophthalmology. The company focuses primarily on the treatment of glaucoma, a condition historically managed with daily eye drops. EyeD Pharma aims to enhance the quality of life for patients by reducing the side effects associated with traditional therapies. In collaboration with ophthalmologists, the company offers new treatment options and surgical products that improve clinical practices and provide therapeutic assistance that is currently lacking in the market. Through its efforts, EyeD Pharma seeks to advance the standard of care in ophthalmology.

PDC*line Pharma

Series B in 2021
PDC*line Pharma is a French-Belgium clinical-stage biotech company developing active immunotherapies for cancer using its proprietary Plasmacytoid Dendritic Cell line, PDC*line. These therapies aim to stimulate potent and scalable antitumor immune responses.

ImCyse

Series B in 2021
Imcyse SA is a clinical-stage biopharmaceutical company based in Liège, Belgium, specializing in innovative immunotherapeutic solutions aimed at treating severe chronic autoimmune diseases. Founded in 2010, Imcyse is pioneering a unique technology platform that employs Imotopes™, specifically modified peptides that target immune cells responsible for organ damage. This approach facilitates the generation of cytolytic CD4 T-cells, which selectively eliminate antigen-presenting cells and autoantigen-specific lymphocytes, thereby addressing diseases with limited treatment options. The company has shown proof of concept across various indications and has completed its initial clinical trial for type 1 diabetes, yielding promising outcomes. In addition to type 1 diabetes, Imcyse is actively developing a pipeline of therapies for multiple autoimmune diseases, aiming to provide effective treatment while preserving overall immune defense.

Miracor Medical

Series E in 2020
Miracor Medical develops cardiovascular medical devices, notably the PiCSO impulse system, a pressure‑controlled intermittent coronary sinus occlusion device designed to improve microvascular perfusion and cardiac function after acute myocardial infarction. The system supports treatment of myocardial infarction and can be used in surgical settings such as coronary artery bypass grafting to facilitate perfusion improvements. Founded in 2008, the company is based in Awans, Belgium, with a presence in Vienna, Austria.

Ampacimon

Venture Round in 2020
Founded in 2010, Ampacimon specializes in dynamic line rating systems for transmission and distribution grid operators worldwide. Its solutions include ADR View, ADR Sense, ADR Operate, ADR Trend, and ADR Horizon, enabling operators to forecast congestion problems and address them through cost-effective reconfiguration actions.

ExeVir Bio

Series A in 2020
ExeVir Bio BV is a Belgian biotechnology company founded in 2020 and headquartered in Zwijnaarde. The company specializes in developing single-domain antibody-based therapies aimed at preventing viral infections. Utilizing a llama-derived antibody technology platform, ExeVir Bio focuses on creating robust antiviral treatments, particularly targeting coronaviruses. One of its key products, VHH72-FC, binds to a conserved region of the SARS-CoV-2 spike protein, which is crucial for the virus's entry into human cells. The company has established a rapid response platform for antivirals, allowing for a quick adaptation to emerging health threats through a streamlined process for generating drug candidates. Their protein-based therapeutics are designed to be stable, cost-effective, and accessible on a global scale, addressing significant public health challenges posed by viral infections.

E-peas

Venture Round in 2020
E-peas SA is a Belgian company established in 2014, specializing in the design and manufacturing of electronic systems that provide energy autonomy for Internet of Things (IoT) applications. The company develops innovative energy harvesting solutions that enable devices to draw energy from various ambient sources, including solar, thermal, vibration, and radiofrequency. E-peas produces energy harvesting power management integrated circuits (PMICs) and microcontrollers that enhance the performance and longevity of IoT devices by either extending battery life or eliminating the need for batteries altogether. Their technology caters to a wide range of sectors, including home automation, healthcare, retail, and agriculture, thereby facilitating the creation of smarter and more energy-efficient connected devices. Headquartered in Mont-Saint-Guibert, Belgium, E-peas aims to transform the landscape of portable energy solutions.

Hyloris Pharmaceuticals

Venture Round in 2020
Founded in 2013, Hyloris Pharmaceuticals specializes in reformulating established pharmaceuticals to create innovative products that offer advantages over existing alternatives. The company focuses on cardiovascular treatments and other therapeutic areas, with a portfolio including Sotalol IV for atrial fibrillation.

IVEX

Seed Round in 2020
IVEX is a technology company specializing in the development of tools and software for the testing and validation of advanced driver-assistance systems (ADAS) and autonomous driving (AD) vehicles. Originating from the University of Leuven, IVEX has assembled a diverse team from over ten countries and has established partnerships with prominent industry players, including Siemens. The company focuses on enhancing the efficiency of engineers who analyze extensive driving data generated by AD/ADAS systems. IVEX offers a cloud-based suite of testing and validation tools, alongside an onboard real-time safety checker, which can function independently or in tandem. Its software solutions enable the identification and categorization of driving scenarios, the creation of digital representations for simulation, and the analysis of large datasets with reduced computational demands. By prioritizing safety and performance, IVEX positions itself as a critical player in the evolving landscape of automated vehicle technology.

ImCyse

Series B in 2019
Imcyse SA is a clinical-stage biopharmaceutical company based in Liège, Belgium, specializing in innovative immunotherapeutic solutions aimed at treating severe chronic autoimmune diseases. Founded in 2010, Imcyse is pioneering a unique technology platform that employs Imotopes™, specifically modified peptides that target immune cells responsible for organ damage. This approach facilitates the generation of cytolytic CD4 T-cells, which selectively eliminate antigen-presenting cells and autoantigen-specific lymphocytes, thereby addressing diseases with limited treatment options. The company has shown proof of concept across various indications and has completed its initial clinical trial for type 1 diabetes, yielding promising outcomes. In addition to type 1 diabetes, Imcyse is actively developing a pipeline of therapies for multiple autoimmune diseases, aiming to provide effective treatment while preserving overall immune defense.

Miracor Medical

Series D in 2018
Miracor Medical develops cardiovascular medical devices, notably the PiCSO impulse system, a pressure‑controlled intermittent coronary sinus occlusion device designed to improve microvascular perfusion and cardiac function after acute myocardial infarction. The system supports treatment of myocardial infarction and can be used in surgical settings such as coronary artery bypass grafting to facilitate perfusion improvements. Founded in 2008, the company is based in Awans, Belgium, with a presence in Vienna, Austria.

Convert Pharmaceuticals

Series A in 2018
Convert Pharmaceuticals SA is a biotech company based in Saint-Gilles, Belgium, founded in 2017. The company focuses on the development of hypoxia-activated cytotoxic small molecules aimed at treating cancer. As a clinical stage enterprise, Convert Pharmaceuticals is building a proprietary drug pipeline that leverages specific factors within the tumor microenvironment to enhance therapeutic outcomes. Its lead product is a hypoxia-activated prodrug designed to overcome the therapeutic challenges posed by hypoxia, which can lead to resistance against conventional cancer treatments. By integrating proprietary insights into the tumor microenvironment with expertise in drug and biomarker development, Convert Pharmaceuticals aims to create effective and well-tolerated therapies for cancer patients.

Miracor Medical

Series D in 2018
Miracor Medical develops cardiovascular medical devices, notably the PiCSO impulse system, a pressure‑controlled intermittent coronary sinus occlusion device designed to improve microvascular perfusion and cardiac function after acute myocardial infarction. The system supports treatment of myocardial infarction and can be used in surgical settings such as coronary artery bypass grafting to facilitate perfusion improvements. Founded in 2008, the company is based in Awans, Belgium, with a presence in Vienna, Austria.

Preesale

Seed Round in 2016
Preesale is a mobile-based ticket management application founded in 2015 and based in Liege, Belgium. It enables event organizers to efficiently sell tickets and access cash flows prior to their events, distinguishing it from traditional ticketing platforms. Preesale's application integrates seamlessly with Facebook, allowing users to create targeted ticket sales in under five minutes. The platform enhances revenue opportunities for organizers by providing tools to track sales analytics and communicate with attendees through SMS. Additionally, it offers a streamlined entry process, allowing ticket scanning via smartphones with free applications for both iPhone and Android. Preesale's mission is to improve visibility and accessibility to events, making it a valuable resource for event organizers seeking to optimize their ticketing processes.

2-Observe

Seed Round in 2014
2 Observe is a company focused on observational research and the validation of innovative concepts within the biotechnology and private healthcare sectors. Established in 2010, it aims to address unmet needs in patient care by developing effective solutions that enhance quality of life. The company leverages the expertise of its founders, who come from diverse backgrounds in the medical community, research, and the life sciences industry. It specializes in patient monitoring technologies that provide continuous supervision of high-risk patients. These technologies alert healthcare providers in real-time, such as notifying nurses when a patient exits their bed or experiences complications related to respiratory failure, thereby ensuring that patients receive attentive and timely care.

XDC

Series B in 2006
XDC S.A. operates as a Pan-European digital cinema service company. It manages operations for the deployment of digital cinema systems in theatres; and prepares and delivers digital content, which is distributed in cinemas, as well as manufactures digital cinema products, including servers, theatre management systems, projections systems, and central libraries. The company's products include CineStore Systems, a suite of digital cinema solutions; The CineStore Solo G3, a hybrid digital cinema server that offer JPEG 2000 and MPEG-2 play-back capabilities; The CineStore Audi, a device, which provides digital to analogue conversion, external analogue audio source inputs, and signal isolation; The CineStore Plaza, a hardware and software suite that enables its users to manage a cinema multiplex from a single point, as well as 3D digital cinema. XDC S.A. also provides digital content lab for the whole production, post-production, and distribution chain, as well as to synchronize various sounds and subtitle versions on the master; key management and archiving; network operations centre, which includes a spare parts logistical strategy centre and a NOC equipment centre; and XDC Entertainment, a content delivery platform to alternative content distributors/providers. The company was founded in 2004 and is based in Liège, Belgium with additional offices in Belgium, Germany, Spain, and France.
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