Panakes Partners Research
Overview
Panakès Partners SGR S.p.A. is a Milan-based venture capital firm founded in 2015 by Alessio Beverina, Fabrizio Landi and Diana Saraceni. It invests exclusively in life sciences: medical devices, diagnostics and biotech therapeutics. Its stated mission is to back ambitious early-stage startups and SMEs with innovative products, globally but mainly across Europe, and to bring entrepreneurial and financial expertise, plus a network of clinicians and industry experts, beyond just capital. Its first fund launched in 2015 as the first Italian EuVECA fund, and the firm is an UN PRI signatory and a founding member of Italian Tech Alliance.
Investment Thesis
Panakes backs companies that answer highly unmet medical needs with strong intellectual property and quantifiable improvements in patient outcomes and healthcare economics. The first fund targeted prototype-stage to CE-marked medtech companies run by experienced management teams, funding capital toward clinical demonstration and revenue growth. The second fund widened the remit to diagnostics, medtech and therapeutics at all stages of development. The firm says it invests in people first and looks for strong, dedicated teams.
Funds and Recent Activity
- Panakes Fund I (2015): more than EUR 80M, invested in about 12 medtech companies. Investors included Menarini, Elemaster (Cogliati), SapioLife (Colombo), Rottapharm (Rovati), the European Investment Fund and Fondo Italiano d'Investimento.
- Panakes Purple Fund (Fund II): final close at EUR 175M on 16 February 2023, the largest Italian life sciences VC fund in its investment phase. Focus on Italy and Europe, plus the UK, Switzerland, Israel and the US.
- BII Catalyst Fund I for Italy: first close announced 2 July 2026. Anchored by Lazio Innova (EUR 20M through LAZIO Venture 2) and Novo Holdings, with Panakes as fund manager and the BioInnovation Institute sourcing startups. Targets early-stage Italian therapeutics startups, starting in the Lazio region.
- April 2026: Panakes participated as an existing investor in Endovascular Engineering's $80M Series C, co-led by Gilde Healthcare and Norwest. Portfolio company Alesi Surgical raised GBP 7M in the same month.
Portfolio Highlights
The site lists 27 companies, each tagged by clinical area: dermatology (Aileens Pharma), surgical smoke removal (Alesi Surgical), ophthalmology (Allotex), cardiovascular (Approxima, CorFlow, EBAMed, InnovHeart, Endovascular Engineering, Lymphatica, Vivasure), oncology (BetaGlue, CarThera, DISCO Pharmaceuticals, Nouscom, SamanTree), diagnostics (Deepull, Diadem Dx, Echolight), neuromodulation (Neuromod Devices, Salvia BioElectronics), surgical robotics (MMI), urology (Relief), regenerative medicine (Tensive), GI endoscopy (Endostart) and biotech (Complement Therapeutics, NanoPhoria, Enterprise Therapeutics). Companies are drawn from Italy, Switzerland, Ireland, the UK, Germany, France, the Netherlands and the US. Enterprise Therapeutics' potentiator programme was acquired by Roche (cited in a partner bio, not as a Panakes exit).
Team
- Fabrizio Landi, Founder and Managing Partner: former CEO of Esaote, Chairman of Toscana Life Sciences, board of Menarini Diagnostics.
- Alessio Beverina, Founder and Managing Partner: about ten years at Sofinnova Partners up to Partner; Secretary of VC Hub Italia.
- Diana Saraceni, Founder and Managing Partner: 20+ years in VC, co-founder of 360 Capital Partners.
- Barbara Castellano, Partner: cardiovascular and medical device expertise (Sorin, Alvimedica).
- Rob Woodman, Partner: biotech investor, formerly Takeda Ventures, Touchstone Innovations and Sofinnova.
- Marco Sardina, Scientific Partner: clinical pharmacology and drug development.
- Further staff: Alessio Piuma (Principal), Andrea Ballerini and Giacomo Piccinini (Investment Managers), Annalisa Coraducci (Senior Analyst), plus finance, ESG, deal flow and talent roles.
Decision Process and Involvement
Decisions are made by a partnership investment team with scientific partners and an advisory board of industry executives (Menarini, Aboca, Rottapharm, Fresenius, SIFI and others). Panakes partners take board seats at portfolio companies; the portfolio pages name a Panakes board member for each company, and principals sit as board observers.
Check Size, Lead Tendency and Geography
The site does not state check sizes. With a EUR 175M fund and 27 portfolio companies, typical initial tickets are likely low single-digit millions of euros, but that is inferred, not published. Lead tendency is not stated; board seats suggest it often leads or co-leads early rounds, though in later rounds such as E2's Series C it followed other leads. Geography is mainly Europe, with Italy as a priority, and selective UK, Swiss, Israeli and US deals.
Founder Preferences
Experienced, dedicated management teams with strong IP, clinical differentiation and a clear unmet medical need. Panakes offers clinician networks, industrial partners (via its advisors) and portfolio talent support.