Irvine-Based Modulated Imaging Secures $7 Million To Help Monitor Tissue Health

By Noah Long ● January 25, 2019

Modulated Imaging, an Irvine, California-based company that has designed optical imaging solutions for noninvasive assessment of tissue health, has raised $7 million in Series B funding. With this funding round, Modulated Imaging is going to fund the commercialization of the recently FDA-cleared Clarifi Imaging System.

Modulated Imaging taps into medical photonics and informatics to help clinicians assess tissue health. And Clarifi is powered by Modulated Imaging’s spatial frequency domain imaging (SFDI), which provides a quantitative assessment of circulatory compromised conditions and perfusion by measuring microvascular tissue oxygenation and hemoglobin concentration and distribution. This helps clinicians identify patients who are at risk for diabetic foot ulcers along with 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 in a statement. “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.”

This round of funding was led by Pangaea Ventures. And new and returning investors including Fresenius Medical Care Ventures GmbH, Grey Sky Venture Partners, Mitsubishi UFJ Capital Co. Ltd, and Fouse KK also participated in this round. In conjunction with this funding round, Pangea’s Director of Health Investment Janelle Goulard is joining Modulated Imaging’s board of directors.

Al Wiegman, the head of Fresenius Medical Care Ventures, acknowledged that the continued investment in Modulated Imaging was 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.”


Modulated Imaging’s CEO and CTO David Cuccia, PhD explained that the combination of Pangaea and the continued support of previous investors will “accelerate the commercialization of Clarifi so that we can help clinicians improve patient quality of life.”