Modulated Imaging, Inc., an Irvine, CA-based developer of light-based imaging technology, closed a $2.86m Series A financing.
The round was led by Grey Sky Venture Partners with participation from Mitsubishi UFJ Capital Co, Ltd, Fresenius Medical Care Ventures GmbH and Hamamatsu Photonics K.K. through its wholly-owned subsidiary Photonics Management Corporation.
In addition to the venture capital funding, Modulated Imaging also received a $1.2m Commercialization Readiness grant from the National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS), one of the National Institutes of Health.
The company intends to use the funds to continue to expand its business reach and develop a forthcoming next-generation device, a miniaturized version of the Ox-Imager CS system.
Led by David Cuccia, PhD, CEO and CTO, Modulated Imaging develops light based imaging technology for preventing, diagnosing, and curing medical conditions.
The round follows news earlier this year of FDA clearance for its 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, also displays a digital color photograph, and provides both surface and subsurface views in one comprehensive system.