Sydney based EchoIQ has raised 110 million dollars through firm institutional placement commitments at 1.45 dollars a share, funding it plans to use for commercial expansion into the United States and to accelerate its broader artificial intelligence product pipeline.
The capital raise landed just days after EchoIQ struck a binding heads of agreement with fellow ASX listed imaging company Pro Medicus for a strategic investment of up to 20 million dollars through secured convertible notes. As part of that arrangement, Pro Medicus will also become a US commercial reseller of EchoIQ's core platform, giving the smaller company access to a hospital network built up over decades.
AI built for the heart
EchoIQ's technology, EchoSolv, applies artificial intelligence to echocardiogram data, mapping measurements captured across heart scans into a multi dimensional model that returns a probability based structural assessment. The platform is designed to help clinicians detect and classify conditions including aortic stenosis, diastolic dysfunction and heart failure with greater accuracy.
With the new funding and the Pro Medicus distribution partnership in place, EchoIQ is positioning itself to scale its cardiovascular AI pipeline well beyond the Australian market it was built in.
