Toronto-based medical imaging technology startup MolecuLight has closed $11.7 million in Series C funding to fuel its international expansion.
The round was co-led by three new investors, including the Crown corporation Export Development Canada (EDC), Prosegur, and Azahar. The round also saw participation from existing investors, but their names were not disclosed in the company’s announcement.
“We are well-positioned to capitalize on the growing demand for point-of-care fluorescence imaging solutions.”
MolecuLight was founded in 2012 by Ralph DaCosta, a research scientist in medical biophysics and principal investigator at the DaCosta Lab at Toronto’s Princess Margaret Cancer Centre. The company has developed fluorescent imaging devices that it claims can detect the presence and location of elevated bacteria loads in wounds, and can therefore help healthcare professionals treat and heal wounds.
The startup offers two devices: the MolecuLight i:X and the MolecuLightDX. While both use fluorescent imaging for bacteria detection, the DX comes with some added features, such as electronic medical record integration options, an administrator workflow and system configuration capability, and a docking system for charging.
The startup says its products can be helpful at every stage of wound care, including assessment, cleaning, debridement (which refers to the removal of unhealthy tissue from a wound), sampling, and treatment.
The Series C round comes two years after MolecuLight raised an undisclosed sum of funding from the Crown corporation arm BDC Capital as well as iGan Ventures. Prior to that round, the startup raised a $7.5-million USD loan from Oxford Finance LLC in 2019, the same year Photonamic acquired the startup’s clinical oncology business.
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The new funding will be used to help MolecuLight expand in the United States (US), Canada, and European Union, according to a statement from MolecuLight. The startup received authorization to sell its device by Health Canada in 2015, and received clearance to market its device in the US by the Food and Drug Administration in 2019.
According to MolecuLight’s website, the company has teams in Canada and the US, as well as a network of distributors in over 30 countries spanning Oceania, Asia, Latin America, and Africa.
The startup is targeting a number of healthcare settings for its device, including hospital outpatient, independent wound care clinics, podiatrists, and long-term care centers.
“With the support of our investors, we are well-positioned to capitalize on the growing demand for point-of-care fluorescence imaging solutions and deliver exceptional value to our customers,” Anil Amlani, CEO of MolecuLight, said in a statement.
Feature image courtesy of MolecuLight via YouTube.