Medtech imaging developer Modulated Imaging said today it closed a $2.9 million Series A financing round that was joined by dialysis giant Fresenius Medical Care‘s (NYSE:FMS; ETR:FRE) Ventures arm.
The round was led by Grey Sky Venture Partners and joined by Mitsubishi UFJ Capital, Fresenius Medical Care Ventures and Hamamatsu Photonics’ Photonics Management Corporation, the Irvine, Calif.-based company said.
“Hamamatsu Photonics has invested in Modulated Imaging once again due to its innovative work with photonics to improve human health. 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,” Hamamatsu Photonics researcher Dr. Mitsuharu Miwa said in a prepared statement.
Modulated Imaging said it also received a $1.2 million Commercialization Readiness grant from the National Institute of Health’s National Institute of Arthritis and Musculoskeletal and Skin Diseases.
“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. 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,” Modulated Imaging CEO & CTO David Cuccia said in a press release.
Funds from the round will support expanding clinical studies and development of a next-gen version of the company’s Ox-Imager CS system.
Modulated Imaging said it won FDA clearance for the Ox-Imager CS tech designed to aid clinicians in identifying lower limb vascular issues earlier this year, and touted the system as the only tech to “provide both surface and subsurface views in one comprehensive system.”