MolecuLight has closed a Series C financing round, raising $11.7m (C$16.06m) to accelerate its expansion into international markets including the US, Canada and the EU to meet the demand for point-of-care fluorescence imaging solutions.
The financing round was led by new investors Export Development Canada (EDC), Prosegur and Azahar. It also saw participation from existing investors.
MolecuLight's devices are revolutionising the way clinicians visualise bacteria in wounds, providing real-time, actionable insights that lead to more effective treatments and improved patient outcomes.
The company's technology is particularly aligned with the outcomes of cellular and tissue-based products (CTPs), as demonstrated by a study that showed a 100% probability of CTP integration when MolecuLight indicates a bacteria-free wound bed.
The new funds will be used to expand MolecuLight's reach across various care settings, including independent wound care clinics, hospital out-patient departments, podiatry practices and long-term care centres.
With the expansion, the company expects to assist more patients by providing healthcare professionals with the tools they need to identify and quantify bacteria that can impede wound healing.
Tungsten Advisors was the exclusive financial advisor for MolecuLight.
EDC Mid-Market Group senior vice-president Guillermo Freire said: “MolecuLight's innovative technology has the potential to significantly improve patient outcomes and offers compelling benefits for all healthcare system stakeholders.
“We are excited to invest in MolecuLight as they accelerate commercialisation. EDC is focused on supporting emerging Canadian innovators in critical sectors essential for the future. This investment reflects our belief in innovation and progress, underscoring mission is to support Canadian companies in their journey to become international leaders in their sectors.”
MolecuLight CEO Anil Amlani said: “With the support of our investors, we are well-positioned to capitalise on the growing demand for point-of-care fluorescence imaging solutions and deliver exceptional value to our customers.”
