Modulated Imaging lands $7 mln in Pangaea-led deal

Modulated Imaging, an Irvine, California-based maker of optical imaging devices, has raised US$7 million in the first close of a US$10 million Series B financing. The round was led by Pangaea Ventures, a Canadian advanced materials venture capital firm. It was joined by new and existing investors. Janelle Goulard, Pangaea's director of health investment, will join the board. Founded in 2005, Modulated Imaging leverages medical photonics and informatics to help clinicians assess tissue health. It will use the funds raised primarily for commercialization of its new device, Clarifi.