Modulated Imaging Secures $7 Million Series B Funding to Advance Clarifi, the First Visual Skin Diagnostic Platform

VCBeat (WeChat Official Account: vcbeat) has learned that medical device company Modulated Imaging recently completed a $7 million Series B financing round to further promote its skin detection device, Clarifi.

Modulated Imaging is a company headquartered in California, USA, dedicated to providing non-invasive treatment solutions for skin health. Its flagship products are the Ox-Imager CS and Clarifi. In July 2016, the company secured $500,000 in seed funding led by Cove. In October of the same year, Modulated Imaging received the High-Tech Innovation Award from the OC Tech Alliance. On November 15, 2017, the company completed a $2.86 million Series A financing round led by Gray Sky Venture Partners.

This round of financing was led by Pangea Ventures, with existing investors Gray Sky Venture Partners, Fresenius Medical Care Ventures, and Mitsubishi UFJ Capital Co., Ltd.—who had participated in the company’s Series A round—continuing to follow on.

It is reported that Janelle Goulard, Health Investment Director at Pangea Ventures, will join the Board of Directors of Modulated Imaging following this round of financing. She stated, “We hope Clarifi can fundamentally transform how clinicians diagnose, treat, and provide care, particularly for patients with severe diabetic foot.”

According to statistics, the U.S. healthcare system spends as much as $13 billion annually on treating diabetic foot alone, and severe cases can even lead to lower-limb amputation. The application of Clarifi enables quantification and visualization of total hemoglobin distribution in both superficial and subcutaneous tissues, helping clinicians assess tissue function and damage for scientific early intervention.

As the world’s first visualization diagnostic system in the field of skin health, Clarifi can detect oxygenation levels and hemoglobin concentration and distribution in superficial tissues. The seamless integration of cutting-edge optical imaging technology with information visualization enables this product to play a pivotal role in the assessment, management, and treatment of various vascular complications, including peripheral vascular disease, diabetic foot, and chronic wounds.

Dr. David Cuccia, CEO and CTO of Modulated Imaging, stated: “Clarifi is a product that reduces healthcare costs, improves patients’ quality of life, and promotes their physical and mental well-being. Compared with its predecessor, the Ox-Imager CS, Clarifi is more compact, faster in response, and lighter in weight. It also displays tissue conditions in different colors, enabling physicians to identify issues more clearly and provide more appropriate treatment recommendations for patients.”

Pangea Ventures, established in 2000, is a leading global venture capital firm that primarily provides funding to high-tech startups in the fields of energy, electronics, healthcare, and advanced materials. With extensive operational experience, the firm has forged strategic partnerships with 24 leading multinational corporations worldwide, including internationally renowned companies such as Samsung, Mitsubishi Chemical, Toyota Tsusho, and Henkel.

Fresenius Medical Care Ventures is a venture capital firm that primarily invests in startups in the healthcare industry.

Gray Sky Venture Partners is a venture capital firm focused on investing in early-stage companies, dedicated to the life sciences and healthcare sectors.

Mitsubishi UFJ Capital Co., Ltd. was founded in 1974 as a venture capital firm focusing on life sciences, ICT, and high-tech sectors. Its parent company is Mitsubishi UFJ Financial Group, Japan’s largest bank by assets and one of the world’s largest integrated financial groups. The company is headquartered in Tokyo, Japan.

Fouse KK is a private asset management firm.