Modulated Imaging Gains Important Funding

Making Waves
November 27, 2017 By Applied Innovation

Modulated Imaging, Inc., announced that it closed a $2.86 million Series A financing round to support growing market interest and demand for its innovative light-based imaging technology. This represents the medical device company’s second financing round since July of last year.

The round was led by Grey Sky Venture Partners. Also participating was Mitsubishi UFJ Capital Co., Ltd, Fresenius Medical Care Ventures GmbH, and, making a second investment in the company, Hamamatsu Photonics K.K. through its wholly-owned subsidiary Photonics Management Corporation.

In addition to the venture capital funding, the company also received a $1.2 million Commercialization Readiness grant from the National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS), one of the National Institutes of Health.

“This infusion of funds allows us to take our imaging technology to the next level, supporting key clinical studies and the development of our next-generation Ox-Imager technology,” said David Cuccia, Ph.D., Modulated Imaging’s CEO and CTO. “We appreciate the enthusiasm and support from Grey Sky, Mitsubishi, Fresenius Medical Care, and Hamamatsu, as well as from the clinical community. We will continue to build upon our unique approach to resolving an unmet medical need, and providing meaningful information that advances patients’ health and wellness.”

Cuccia added that key clinical studies taking place in California and Arizona will now expand to other locations. Development of the company’s forthcoming next-generation device, a miniaturized version of the Ox-Imager CS system, will also be accelerated by the cash infusion.  

The successful Series A financing round follows news from earlier this year of FDA clearance for Modulated Imaging’s Ox-Imager CS technology, designed to assist clinicians with the identification of lower limb vascular issues so that patients can receive appropriate, timely treatment. The non-invasive Ox-Imager CS system reports these important indicators of tissue health, displays a digital color photograph, and is the only technology to provide both surface and subsurface views in one comprehensive system.

Fresenius Medical Care Ventures and Hamamatsu Photonics view Modulated Imaging as a strategic investment based on the disruptive and game-changing nature of its technology.

“Hamamatsu Photonics has invested in Modulated Imaging once again due to its innovative work with photonics to improve human health,” said Hamamatsu Photonics researcher Dr. Mitsuharu Miwa, a pioneer himself in using indocyanine green (ICG) for perfusion imaging. “Modulated Imaging’s technology is very much in sync with Hamamatsu’s own development of optical imaging for medicine, so it is an ideal relationship.”