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Echo IQ Lands $20M Pro Medicus Deal for US Cardiac Platform
Echo IQ secures up to $20M investment and reseller deal from Pro Medicus to market EchoSolv HF cardiac AI platform to US hospitals. Second tranche tied to FDA clearance.
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Echo IQ (ASX: EIQ) landed a strategic investment and reseller agreement from Pro Medicus (ASX: PME), one of Australia’s most successful healthcare technology firms. Pro Medicus will put up to $20 million into Echo IQ and become the exclusive reseller of its EchoSolv HF platform to US hospitals and academic medical centers.
The investment comes in two $10 million tranches. The first is paid upfront through subscription for secured convertible notes. The second is due when EchoSolv HF receives US regulatory clearance, which Echo IQ expects in the coming quarters. The funds will go toward accelerating commercialization of the company’s AI-powered cardiac diagnostic tools.
Pro Medicus is a global leader in enterprise medical imaging software, with a presence in some of the most demanding clinical environments in the US. Its decision to invest and resell the platform is a validation of EchoSolv’s clinical utility and the growing importance of AI in cardiovascular care, Echo IQ CEO Dustin Haines said in a statement.
“Pro Medicus is recognised globally as one of the most successful healthcare technology companies, with a proven track record of delivering enterprise-scale software solutions to many of the leading health systems and academic medical centres across the US,” Haines said. “Their decision to pursue both a strategic investment and commercial partnership with Echo IQ reflects the growing clinical relevance of AI in cardiovascular care and the commercial opportunity we believe exists for the EchoSolv platform.”