Business
Pro Medicus Backs Echo IQ With Potential $20 Mn Investment
Healthcare imaging company Pro Medicus has agreed to invest up to $20 million in Echo IQ through convertible notes and plans to distribute the company's AI-powered cardiac imaging technology, strengthening its position in medical imaging and digital cardiology.
Australian cardiac software developer Echo IQ has signed a funding and commercial partnership agreement with Pro Medicus which will pave the way for the company's U.S. expansion with up to AUD$20 million in funding.
The deal features an initial investment of A$10 million via secured convertible notes. If Echo IQ secures approval by the U.S. Food and Drug Administration (FDA) for its EchoSolv HF heart failure assessment platform, an additional A$10 million will be available.
The notes will pay a 12.5% annual interest and a 24-month redemption period.
In addition to the investment, Pro Medicus will also become a U.S. reseller of EchoSolv, the U.S.-based company's platform. The software will be embedded in Pro Medicus' Visage 7 Cardiology platform, which will enable the two companies to bring imaging and cardiac assessment together to healthcare providers.
The agreement expands Pro Medicus' footprint in the cardiology software sector, which is among the fastest-growing areas of the healthcare technology sector as hospitals migrate to a digital, patient-centric world to support their diagnostic processes.
Echo IQ is a company developing software, based in Sydney, Australia, which is working to analyse echocardiograms to help doctors detect structural heart disease.
According to the company's records and historical development, the company was established in 2010 by entrepreneur Richard Charles Anstey and the founders of NEDA, Dr Geoff Strange and Professor David Playford.
The company's flagship product, EchoSolv, aims to enable detection of such conditions as aortic stenosis, the narrowing of the heart valve, which can go undetected until symptoms are more advanced.
The software will be used to alert physicians to patients prior to diagnosis by analysing cardiac imaging data that may indicate they need to be assessed further.
The investment is part of Echo IQ's efforts to expand in the U.S., the world's largest healthcare market. According to the industry estimates from the company Grand View Research, the global artificial intelligence in cardiology market was valued at approximately US$1.7 billion in 2025 and is expected to see the highest spending in the North America region.
Pro Medicus is in a sound financial state when entering the deal. The company reported revenue of A$124.8 million, underlining profit before tax of A$90.7 million and cash and financial assets of A$221.8 million, and no net debt.
The proposed investment will include a capital contribution, as well as a commercial distribution agreement, with the latter investment contingent upon regulatory approval of EchoSolv HF in the United States.
Source: Capital Brief
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