Funding Obtained by Transcend Imaging through Sales of Modular Equipment
Modular Devices, a leading provider of mobile imaging solutions, has made a strategic growth investment in Transcend Imaging. This move is aimed at strengthening Modular Devices' position in the mobile MRI market and expanding its product offerings.
Based in Cape Coral, Florida, Transcend Imaging specializes in mobile MR imaging labs and has quickly become a dominant player due to its high-quality fleet and strong vendor and customer ties. Founded in 2023, the company has gained traction in the industry with its best-in-class fleet.
Modular Devices, headquartered in Indianapolis, Indiana, is an established provider of mobile and modular medical imaging equipment, including MRI, CT, and cleanrooms. Serving healthcare providers across the U.S. and Canada, the investment in Transcend Imaging will enhance Modular's exposure specifically in the mobile MR space, diversify their offerings, and support an aggressive expansion strategy aimed at better serving customers with a broader portfolio.
The investment is backed by O2 Investment Partners, the private equity parent of Modular Devices. O2 Investment Partners forecasts sustained growth in the interim lab market and commits to supporting Transcend’s expansion.
Executives from both companies expressed optimism about realizing combined objectives and driving substantial growth through the collaboration. Steve Richter, Managing Partner of Transcend Imaging, and Mark Koers, CEO of Modular Devices, both anticipate continued growth in the interim lab market. Sam Wegenke of O2 Investment Partners is looking forward to supporting the continued growth of Transcend Imaging.
The partnership aims to leverage Transcend Imaging’s rapidly growing fleet and strong customer relationships to capture continued growth in the interim mobile lab sector. It is expected to benefit from the growth forecasted in the interim lab market and to diversify Modular's product offerings in the mobile MR space.
In summary, the latest news is the July 2025 strategic investment by Modular Devices in Transcend Imaging. The future plans revolve around leveraging this partnership to expand mobile MRI offerings, grow market share in interim labs, and deepen service capabilities for healthcare providers in North America.
- Sam Wegenke, from O2 Investment Partners, the private equity parent of Modular Devices, has expressed his interest in supporting the growth of Transcend Imaging, particularly in the health-and-wellness sector, with its focus on mobile MR imaging labs.
- To better serve customers and expand its product offerings, Modular Devices, known for its mobile and modular medical imaging equipment, has ventured into private equity partnerships, such as the strategic investment in Transcend Imaging, to branch into science-based sectors like mobile MR imaging.
