
DACH · CH
Zurich
Selected companies
Out of the lab
Deeptech at more than twice the European rate, on the back of two universities that spin companies out deliberately. Fintech runs above average too, which is less of a surprise.

Amboras
AI-Native CommerceE-commerce, version two
Amboras builds an AI-native ecommerce platform. Merchants describe what they sell and Amboras generates a full branded storefront with checkout, copy and product pages. It then manages the store through AI, handling inventory, orders and fulfilment by prompt. A continuous A/B testing layer spins up layout and copy variants automatically and promotes whatever converts best. Imad Mokadem and Amin Mokadem are brothers who studied at ETH Zürich and previously built EcomCoder, a Shopify development tool used by more than 1,000 merchants.
Founded 2025

April Robotics
Human-to-Robot Skill TransferTeaching robots the human way
April Robotics builds a human-to-robot skill transfer system for dexterous manipulation. It trains on sensorised-glove and camera capture of humans doing real manufacturing tasks rather than teleoperated robot demonstrations, targeting the action-labelled-data bottleneck. Joni Rakipi ran ETH's Investor Connect programme and previously chaired the ETH Entrepreneur Club. Alexander Spiridonov published on generalist robot manipulation without action-labelled data at CoRL 2025. Franz Bühlmann holds an ETH Zürich MSc in Robotics and brought manipulation hardware experience from the ASL's Griffin aerial-manipulation project.
Founded 2026

Dream Machines
Robot Learning & ManipulationSkill, multiplied
Dream Machines builds robot-learning algorithms that let factory workers teach robotic arms new tasks by demonstration. No robotics specialist or action-labelled data is needed. Dominique Paul founded the company at ETH and previously published at NeurIPS.
Founded 2026

Exclaim Robotics
Data Center RoboticsRobots for the data center's most dangerous job
Exclaim Robotics builds autonomous robots for physical maintenance inside live AI data-center racks. They handle dexterous tasks like replacing optics, cabling and drives in response to the arc-flash hazard of 800V DC in next-generation rack infrastructure. Helen Oleynikova spent fifteen years across Google, Microsoft, NVIDIA, Willow Garage and ETH Zürich and co-created nvblox, now shipped in NVIDIA Isaac ROS.
Founded 2026

Forgis
Industrial AI & AutomationThe brain that makes factories intelligent
Forgis builds causal-AI agents that run on the edge of factory floors. They connect legacy PLCs, robots and sensors that otherwise can't interoperate and coordinate production in real time without replacing hardware. The team is working toward a foundation model for industrial machine behaviour and topped Europe at Google's AI for Industry Challenge out of 5,000 competing teams. Federico Martelli, Camilla Mazzoleni and Riccardo Maggioni co-founded the company out of ETH. Camilla left Google Intrinsic to build it and all three are Forbes 30 Under 30 Europe 2026.
Founded 2025

Forithmus
Medical Imaging AITowards medical intelligence
Forithmus builds generalist foundation models for medical imaging. The models are trained on large-scale imaging data and radiology reports and are designed to replace narrow point-solutions. Its radiology workspace Litera generates an editable first-pass report for a physician to review and sign. The brothers Ibrahim Ethem Hamamci and Sezgin Er were classmates who both double-majored in medicine and computer science before co-authoring CT-CLIP, CT2Rep and GenerateCT at ETH and starting the company.
Founded 2026

Porters
Banking Operations & ComplianceCarry less, scale more
Porters builds an AI-native outsourcing platform for banking back-office operations. Its agents handle account seizures, insolvency management and chargeback resolution end to end with humans stepping in only for exceptions, built for pan-European regulatory coverage. Konstantin Kotulla and Christopher Barth met at Upvest where they led growth and product respectively across four years. Michael John holds a PhD in High-Performance Computing from ETH Zürich and previously built cyber risk products at Swiss Re.
Founded 2025

Seldon Technologies
Frontier AI Data & EvaluationThe data layer frontier models are missing
Seldon Technologies builds multimodal data and evaluation infrastructure for frontier AI agents. It covers video, audio, tool-use and computer-use environments and sells to labs rather than end users. Its public benchmarks include VGI-Bench and CADBench where the best models tested still fail roughly two-thirds of tasks. Pascal Bertrand and Atoof Shakir went from classmates to co-founders out of ETH Zürich's Agentic Systems Lab.
Founded 2026

Stoneborn Technologies
Insurance & Risk OperationsAutomating the infrastructure of risk capital
Stoneborn builds AI-native operations software for the re/insurance industry. It reads inbound submissions and bordereaux, reconciles premium and claims data, and writes everything back into the systems teams already use. Coverage spans underwriting intake, technical accounting and exposure analytics. Yoann Chassot was a senior underwriter at Swiss Re before building Palantir's insurance practice and the Data and AI practice at Synpulse. Robbin Tops led agentic product engineering at Swiss Re for four years and holds an ETH Zürich MSc in Quantitative Finance.
Founded 2025

The Robotics Company
Robotics Infrastructure & ToolingRobotics is the next frontier
The Robotics Company builds developer infrastructure for robotics. Formerly InVision Labs, the thesis is that robotics companies are rebuilding the same basic tooling from scratch in a way the software industry would never accept. The first product is a Real2Sim pipeline that converts real-world video into simulator assets to close the RL-data gap. Muhammad Bilal is a repeat founder leading a team from CMU, ETH Zürich, MIT and Brown.
Founded 2025
As early-stage VCs, most companies we look at are early, some pre-inception. To properly capture the formation layer, we looked back no more than 18 months from a company's founding, and no more than one institutional round raised.
We believe getting to the core truth of a company radiates from the founding team, and that those signs show up long before a company has its breakout success. So we got on the ground, city by city, talking directly to the ecosystem leaders, university professors, angels, operators and micro VCs who see these companies before anyone else does. The names that kept coming up independently, before they showed up anywhere public, were what we went after.
Every one of those names, alongside thousands of other companies we track a year, went through the same internal scoring model: the scale of impact the company could have globally, how genuinely AI-native the product is, the strength of the thesis, and the team, their talent density, where they've built before, how deep that experience really runs. We ended up with ten companies per city that we believe combine all of the above, while capturing the city's own heartbeat and the themes defining it.
Formations counted
180
Every city in the sample on a log scale, 10 to 1,876 formations. Zurich is marked in pink. London sits at the far right as a volume outlier (1,876).
- Rank by formation volume
- 8 of 89
- SHARE OF SAMPLE EUROPEAN FORMATION
- 3.3%
- # FORMATIONS VERSUS THE AVERAGE CITY
- 2.92x
Category mix
What Zurich is made of
The categories these 180 companies fall into. AI-first software is the largest.
- AI-first software23%
- Conventional SaaS16%
- Fintech16%
- Industry software11%
- Health9%
Specialisation
What Zurich builds
On raw volume most European cities look alike. Character only appears once each theme is compared with a typical European city. Every company now carries a category and sub-theme. Pink marks the categories where Zurich differs most; provisional comparisons rest on fewer than 10 companies and are never the lead claim.
Above the line means this city forms more of something than a typical European city does. Below means less.
- Centre line: a typical European city (1.0)
- Forms more than average
- Forms less than average
- Provisional: fewer than 10 companies
- Values read as 1.93x the average, then the theme's share of the city's companies
Typical European city (1.0)
Deeptech2.16x the average · 8.3% of the city+ 1 sub-theme
- Robotics & automation40.0%
Fintech1.42x the average · 15.6% of the city+ 3 sub-themes
- Payments39.3%
- Crypto & digital assets25.0%
- Cybersecurity & identity10.7%
Industry software1.36x the average · 11.1% of the city+ 2 sub-themes
- Retail & commerce enablement30.0%
- Education & edtech25.0%
City 5 of 7
Next city: Stockholm