# Modulated Imaging funding: rounds and investors > Modulated Imaging has raised $9.9M across 2 rounds since 2017. Investors include Mitsubishi UFJ Capital, Grey Sky and Fresenius. Every round with its source. Source: https://millionrounds.com/company/modulated-imaging (Millionrounds; every figure on the page links to its filing or article) United States · [Series B startup](https://millionrounds.com/companies) # Who invested in *Modulated Imaging* 2 rounds we have observed, with the 7 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. Biotech Healthcare Funding summary Updated 26 Oct 2026 **$9.9M** raised across 2 rounds since 2017, from 2 sources **$2.9M** Series A **$7.0M** Series B - **Latest round:** Series B, $7.0M Jan 2019 - **Step-up i:** 2.4× - **Investors:** 7 See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2018 2019 **$2.9M** Series A **$7.0M** Series B - **First round:** Series A, $2.9M - **Biggest round:** $7.0M - **Between rounds:** 14 months ## The rounds - **Jan 2019** Series B **$7.0M** *4 new* [Mitsubishi UFJ Capital](https://millionrounds.com/fund/mitsubishi-ufj-capital-co-ltd) [Grey Sky](https://millionrounds.com/fund/grey-sky) Fouse KK Pangaea Ventures/ Fresenius Medical Care Reported by FinSMEs SEC filing: $7.0M sold, first sale Dec 2018 - **Nov 2017** Series A **$2.9M** *3 new* [Fresenius](https://millionrounds.com/fund/fresenius) Grey Sky Venture Partners/ Mitsubishi UFJ Hamamatsu Photonics K.K Reported by FinSMEs SEC filing: $2.0M sold, first sale Aug 2017 ## Founders and team From the SEC filings it signed: 3 on the team. - **David Cuccia** Executive Officer, Director, Promoter i - **Michael Dutton** Executive Officer i - **Richard Oberreiter** Executive Officer, Promoter i On the board, as filed i *Francis Duhay* *Janelle Goulard* *Keith Bennett* *Randall Lunn* ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Series A** 2017 **Series B** 2019 [Mitsubishi UFJ Capital](https://millionrounds.com/fund/mitsubishi-ufj-capital-co-ltd) [Grey Sky](https://millionrounds.com/fund/grey-sky) [Fresenius](https://millionrounds.com/fund/fresenius) Fouse KK Grey Sky Venture Partners/ Mitsubishi UFJ Hamamatsu Photonics K.K Pangaea Ventures/ Fresenius Medical Care ## Everyone who backed them [Mitsubishi UFJ Capital](https://millionrounds.com/fund/mitsubishi-ufj-capital-co-ltd) VC firm **1** round [Grey Sky](https://millionrounds.com/fund/grey-sky) VC firm **1** round [Fresenius](https://millionrounds.com/fund/fresenius) Investment firm **1** round Fouse KK no record of our own yet **1** round Grey Sky Venture Partners/ Mitsubishi UFJ no record of our own yet **1** round Hamamatsu Photonics K.K no record of our own yet **1** round Pangaea Ventures/ Fresenius Medical Care no record of our own yet **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=modulated-imaging). ## Quick answers about Modulated Imaging ### Who invested in Modulated Imaging? Modulated Imaging's investors include Mitsubishi UFJ Capital, Grey Sky, Fresenius, Fouse KK and Grey Sky Venture Partners/ Mitsubishi UFJ, and 2 more on record. ### How much has Modulated Imaging raised? Modulated Imaging has raised $9.9M across 2 rounds since 2017. ### When did Modulated Imaging last raise? Modulated Imaging's most recent round was a Series B of $7.0M in Jan 2019. ### What was Modulated Imaging's biggest round? Its most recent round, $7.0M in Jan 2019, is also its largest on record. ### Who backed Modulated Imaging first? Modulated Imaging's first round on record, in Nov 2017, was backed by Fresenius, Grey Sky Venture Partners/ Mitsubishi UFJ and Hamamatsu Photonics K.K. ### What stage is Modulated Imaging at? Modulated Imaging's latest named round is a Series B, in Jan 2019. ### Where is Modulated Imaging based? Modulated Imaging is based in the United States. ## Companies like Modulated Imaging In the same sector, and raised in the last eighteen months. [**Star Therapeutics** $325M · Oct 2026](https://millionrounds.com/company/star-therapeutics)[**Promaxo** $106M · Oct 2026](https://millionrounds.com/company/promaxo)[**Prolific Machines** $105M · Oct 2026](https://millionrounds.com/company/prolific-machines)[**AI** $18M · Oct 2026](https://millionrounds.com/company/ai)[**Baba** $40M · Oct 2026](https://millionrounds.com/company/baba)[**IMIO** $19M · Oct 2026](https://millionrounds.com/company/imio) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app