Thirteen high-growth companies join Scale Up Vaud in 2023

Thirteen high-tech companies have joined the Scale Up Vaud program this year: Aequivalent, Bloom Biorenewables, ClearSpace, CREAL, CYSEC, Daphne Technology, INPHER, Insolight, Samantree Medical, Sensile Technologies, Smeetz, Swibeco and A total of 50 Vaud-based firms are now part of the program, and together they raised more than CHF 525 million in capital in 2022. Since they were founded, they’ve created nearly 3,500 jobs in Switzerland and some 4,900 jobs globally.

Since the Scale Up Vaud program was introduced by Innovaud in 2016, it has helped scores of promising young businesses grow rapidly and create jobs (over 8,400 highly skilled positions in Switzerland and around the world). The program now counts 50 scale-ups, including 13 additions this year, and forms a community of over 150 members who meet regularly at events initially designed for CEOs but which have since expanded to include specific gatherings for HR managers, CFOs and CTOs. These events provide a unique opportunity for entrepreneurs to discuss common challenges they face in this critical phase of their business development.

About the 13 new scale-ups of 2023

Aequivalent (ITC, HR): Switzerland’s leading digital platform for job-applicant screening (background checks)

Bloom Biorenewables (cleantech): Technology for turning residue biomass into sustainable alternatives to petroleum for a range of industries

ClearSpace (spacetech): Autonomous systems for treating and removing space debris

CREAL (ITC): Unique light-field technology that projects virtual images with genuine depth, allowing virtual and real-world objects to overlay seamlessly

CYSEC (ITC, cybersecurity): Data security software enabling secure communications from space to earth

Daphne Technology (cleantech): Climate technology for measuring and reducing greenhouse gas emissions from industrial sources

Inpher (ITC, cybersecurity): Inpher's technology securely and compliantly unlocks the insights contained in confidential data by combining the information and computing  machine learning and AI models without revealing the underlying data

Insolight (cleantech): Creators of Insolagrin - a dynamic agrivoltaic solution to produce both agriculture and electricity on the same land

SamanTree Medical (life science, medtech): Novel imaging methods and data analytics software for improving cancer treatment

Swibeco (ITC, HR): Enterprise software for Swiss companies that centralizes the management of employee benefits (ITC, HR): International job aggregator that leverages innovation to deliver a seamless job search and recruitment experience

Sensile Technologies (ITC, IoT): Remote tank-monitoring systems for the oil, gas and chemicals industries

Smeetz (ITC, AI): AI-powered pricing system for the attraction industry that captures data points along the customer journey to drive revenue growth and optimize operations 

“The Canton of Vaud is known internationally as a hotspot for innovation and the development of disruptive technology,” says Patrick Barbey, CEO of Innovaud. “With our Scale Up Vaud program, we hope to give high growth tech companies the specific support they need to take their businesses to the next level. This will also help create and maintain a pool of high-caliber jobs in our region.”

A record number of IPOs and acquisitions since 2021

Four of the 50 Vaud scale-ups – MedAlliance, Depsys, beqom and BlueBotics – were acquired in 2022. This comes after another scale-up, GreenMotion, was acquired in 2021. And a further three scale-ups – SOPHiA GENETICS, Astrocast and Onward Medical – have gone public in the past few years.

“These IPOs and acquisitions are an excellent signal, as they show that Switzerland – and the Canton of Vaud in particular – provides an ideal setting for innovation and business development, whether for entrepreneurs, venture capitalists or acquirers,” says Barbey.

Jean-Pierre Pennacino, the Vice President of Finance at MedAlliance (which was acquired in 2022), says: “The Scale Up Vaud program structured by Innovaud has been a great opportunity for me personally to network with peer CEOs and CFOs on our common challenges and opportunities. In recent years, scale-ups have had to manage highly volatile economic conditions, and the program has been a great option for finding new ideas, solutions and resources. I have no doubt that the promising companies joining the Scale Up program in 2023 will benefit from it and successfully develop their businesses further.”

Fabio Ronga, CEO of beqom (also acquired in 2022), adds: “Innovaud has created an ecosystem that’s been very valuable for me personally. Its strict selection criteria have given me the opportunity to speak with other business leaders that are facing precisely the same growth-related challenges.”

Scale Up Vaud in figures

  • 13 new companies joined in 2023
  • The program now has a total of 50 scale-ups
  • These 50 scale-ups have created nearly 3,500 jobs in Switzerland and some 4,900 globally (for a total of 8,400) since they were founded
  • The scale-ups range from 4 to 25 years old and some can be considered SMEs
  • Scale Up Vaud eligibility criteria

About Scale Up Vaud

The Scale Up Vaud program was introduced by Innovaud in 2016 to support and promote high-growth, post-startup businesses based in Vaud Canton. Its community of over 150 members meets regularly at events that were initially designed for CEOs but have since expanded to include specific gatherings for HR managers, CFOs and CTOs. These firms receive targeted advice and assistance for this secondary stage of their business development. Scale Up Vaud serves as a catalyst for the canton’s economic development and innovation ecosystem.