Echo IQ raises $3.27m to fast-track US expansion of AI-based cardiovascular diagnostic technology
As part of its US expansion efforts, Echo IQ has been selected to participate in the US-based HeartX accelerator program, which helps fast-track deployment of cardiovascular innovations.
Sydney-based Echo IQ (ASX: EIQ) has raised $3.27 million to fund the United States expansion of its artificial intelligence-based medical technology that supports enhanced diagnosis in structural heart disease.
HealthTech Arkansas and MedAxiom deliver the US-based HeartX accelerator program, which selects only five accomplished early-stage companies across the globe each year.
Echo IQ is one pf the handful of companies to be included in the program, which helps fast-track deployment of cardiovascular innovations.
According to Echo IQ, participation in the accelerator program will guarantee it hospital pilot projects and clinical trials within an established network of seven of the country’s largest healthcare providers.
The ability to “rapidly engage” in these activities is expected to underpin acceleration of commercialisation in the US, while shoring up its application to gain certification with the US Food and Drug Administration.
Selection for the HeartX accelerator will also provide Echo IQ with an additional US$150,000 in equity funding.
“Being selected for the prestigious HeartX accelerator is an enormous vote of confidence in the potential of our technology and lends further validation to our approach,” Echo IQ executive chairperson Andrew Grover said.
Mr Grover said the additional capital raised would assist the company in deploying its technology “at pace”.
“We see significant opportunities to deliver life-enhancing solutions to the healthcare sector in this dynamic space and thank HeartX for the opportunity to participate in this important innovation initiative.”
Echo IQ’s commercialisation plans in the US are already gaining momentum and an experienced health-technology professional has been engaged to lead the expansion.
Innovative AI-based cardiovascular technology
Echo IQ’s technology is designed to “transform the diagnosis of structural heart diseases” starting with aortic stenosis (AS).
Participation in the HeartX accelerator follows Echo IQ presenting its “ground-breaking” research at a “world leading” cardiology conference in August.
At the European Society of Cardiology Congress in Barcelona, Echo IQ chief strategy and research officer Prof Geoffrey Strange presented the company’s research AI-Enhanced Detection of Aortic Stenosis.
Results from the study showed the company’s AI could be used to identify individuals with guideline severe AS, as well as a group at high risk of dying.
“The findings suggest that the AI algorithm could be used in clinical practice to alert physicians to patients who should undergo further investigations to determine if they qualify for aortic valve replacement,” Prof Strange explained.
“Given the rising prevalence of AS and its impact on mortality, it is time to revisit the practice of watchful waiting and consider more proactive attempts to identify those at risk,” he added.