Modulated Imaging, a company which uses medical photonics and informatics to help clinicians assess tissue health, has raised $7m in series B funding.


Image: Modulated Imaging has raised $7m in series B funding. Photo: courtesy of everydayplus /

Led by Pangaea Ventures, the round also features new and returning investors including Fresenius Medical Care Ventures GmbH, Grey Sky Venture Partners, Mitsubishi UFJ Capital Co. Ltd and Fouse KK. Janelle Goulard, Director of Health Investment for Pangaea, will join the company’s board of directors.

The primary purpose of the investment is to fund commercialization of the recently FDA-cleared Clarifi imaging system.

Clarifi is powered by Modulated Imaging’s groundbreaking and patented platform technology—spatial frequency domain imaging (SFDI)—which provides quantitative assessment of circulatory compromise conditions which helps clinicians identify patients at risk for diabetic foot ulcers and other vascular complications.

“We expect Modulated Imaging’s novel approach to fundamentally change how clinicians diagnose, treat, and deliver care to patients across the healthcare continuum—especially patients with diabetes,” said Goulard. “The team is focused on providing a solution for all stakeholders in this space and are uniquely equipped to make this happen with their breakthrough technology that is protected by worldwide patents.”

“Fresenius Medical Care Ventures’ continued investment in Modulated Imaging is based on the disruptive nature of their early data and the impact we believe this technology could have in our mission to decrease life-altering complications in our patients with diabetes, vascular, and kidney diseases,” said Al Wiegman, Head of Fresenius Medical Care Ventures.

“We are very excited to have Pangaea Ventures as the lead investor in our Series B financing,” said David Cuccia, PhD, CEO and CTO of Modulated Imaging. “The combination of Pangaea and the continued support of Series A investors will accelerate the commercialization of Clarifi so that we can help clinicians improve patient quality of life.”

Modulated Imaging leverages medical photonics and informatics to help clinicians assess tissue health. Powered by Spatial Frequency Domain Imaging (SFDI), the company’s disruptive technology identifies compromised circulation and perfusion by measuring microvascular tissue oxygenation and hemoglobin concentration and distribution.

As a result, the company’s optical imaging system can identify patients with tissue health problems early enough for clinicians to intervene. With widespread adoption, this approach could save thousands of limbs and lives, not to mention billions of dollars in treatment costs.

Source: Company Press Release