Modulated Imaging Completes Series A Funding

IRVINE, Calif.--()--Modulated Imaging, Inc., announced today that it has 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, PhD, 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 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, also 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 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.”

About Grey Sky Venture Partners

Grey Sky Venture Partners is an early-stage investment fund providing capital and intellectual property to passionate entrepreneurs building innovative, next-generation life sciences companies. With offices in Silicon Valley and Seattle, Grey Sky has assembled a team of investment, operating and technical professionals, who take an active and engaged approach to company building and value creation. Grey Sky is committed to identifying and funding exceptional management teams developing compelling, well-protected ideas based on cutting edge research that will create an impact in the complex and rapidly changing healthcare system.

About Mitsubishi UFJ Capital Co., Ltd.

Mitsubishi UFJ Capital Co., Ltd. (MUCAP) is a subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG). MUFG is one of the world’s largest comprehensive financial groups, comprising a diverse range of leading companies in the financial industries. With a wide range of business networks of MUFG companies and subsidiaries, MUCAP facilitates the growth of startups by not only investing in those companies but also providing advisory services related to strategy, management, alliances, etc.

About Fresenius Medical Care Ventures GmbH

Fresenius Medical Care Ventures was established to invest in start-ups and early-stage companies in the healthcare sector. The investments are targeted to support Fresenius Medical Care’s corporate strategy to grow continuously in the company’s core business and to expand into new business areas. Fresenius Medical Care Ventures is complementing the corporate activities in external innovation. For more information, visit

About Hamamatsu Photonics KK

Hamamatsu Photonics K.K. was founded in 1953 by a group of engineers who had been trained by Dr. Kenjiro Takayanagi, a pioneer in the development of television. With over 60 years of scientific research in optics the company is a global leader in the development of optical technologies including photomultiplier tubes, imaging tubes, light sources, opto-semiconductors, video measuring systems and image processing systems. Headquartered in Hamamatsu City, Japan, the company has facilities and offices throughout Asia, Europe, Africa and the Americas.

About Modulated Imaging

Modulated Imaging, Inc. was founded in 2008 to develop light based imaging technology for preventing, diagnosing, and curing medical conditions. The company’s innovative science is designed to profoundly increase quality-of-life. Learn more at


for Modulated Imaging
Paul Williams

Release Summary

Modulated Imaging has closed a $2.86 million Series A financing round to support its light-based imaging technology.


for Modulated Imaging
Paul Williams