Intelligent Ultrasnd – First OEM agreement for AI based imaging software
Intelligent Ultrasound Group plc (AIM: MED), the artificial intelligence (AI) based ultrasound software and simulation company, announces that it has signed its first long-term licence and co-development agreement for its AI software with one of the world's leading ultrasound equipment manufacturers.
The Group's range of AI-based software aims to boost scanning quality and to streamline sonographer workflow in medical ultrasound specialties, such as anaesthesiology, obstetrics, gynaecology, radiology and primary care medicine.
The long-term agreement will enable the integration of Intelligent Ultrasound's real-time image analysis software onto a range of specialty specific ultrasound systems marketed in the global healthcare market. Co-development work with the OEM partner will commence immediately, with initial royalty per unit revenues expected during 2021 following regulatory approval. Terms of the agreement are confidential and undisclosed for commercial reasons.
Stuart Gall, CEO of Intelligent Ultrasound, said:
"This is a milestone agreement for the Group and we are delighted to have signed our first long-term agreement with one of the world's leading ultrasound companies. We believe that ScanNav is one of the world's first AI software products to provide real-time image analysis and guidance to sonographers during an ultrasound scan. We expect this to be the first of many agreements for our range of AI based image analysis software."