Echo IQ (ASX:EIQ) has an struck agreement with Australia’s largest cardiology provider, Advara Heartcare WA, for the deployment of the artificial intelligence (AI)-backed EchoSolv technology.
Echo IQ, which has a $71.50 million market capitalisation, says its EchoSolv tech will be used to enhance the detection of numerous forms of structural heart disease.
Under the terms of the agreement, EchoSolv will be used in Western Australia to assess echocardiographic measurement data retrospectively.
Pending the completion of the paid pilot program, Echo IQ says the agreement could see EchoSolv rolled out to Advara Heartcare sites across Australia. This agreement includes an initial implementation fee and outcome-driven fees that are variable in nature.
The aim of the pilot agreement is to demonstrate the effectiveness of the technology as a tool to assist enhanced clinical practice for the timely identification of severe aortic stenosis.
Commenting on the agreement, Echo IQ Executive Chairman Andrew Grover says: “The paid pilot agreement with Australia’s largest cardiology provider is further evidence of the level of interest in our AI-backed technology and the kind of commercial traction we have been gaining.
“It is also an outstanding endorsement of our technology”
It is also an outstanding endorsement of our technology. Advara Heartcare is a national leader in its field with operational scale and the potential to significantly impact Echo IQ’s commercial revenue streams with wider deployment across their network of 90 centres.”
In addition, Advara Heartcare Chief Medical Officer Dr Daniel Cehic says: “Advara Heartcare is recognised worldwide for integrating innovative new technologies into its practice.
We are committed to bringing cutting-edge solutions to our facilities and see significant potential for artificial intelligence to help support even better outcomes. This pilot agreement will see Advara use the decision-support power of EchoSolv for the benefit of our patients and cardiologists.”
EchoSolve can be used to identify patients falling within specific diagnostic guidelines for Mitral Regurgitation.
Advara Heartcare has more than 90 centres and over 100 doctors. The company operates cardiology centres in Western Australia, Victoria, South Australia, Queensland, and New South Wales.
Echo IQ used AI-driven technology and proprietary software to improve decision-making in cardiology. The company is based in Sydney.
Write to Adam Drought at Mining.com.au
Images: Echo IQ