Artificial intelligence and medical technology company Echo IQ (ASX:EIQ) secured commitments to raise approximately AU$7.1 million through the issue of 47.4 million new shares at AU$0.15 each, according to a Friday filing with the Australian Securities Exchange.

Proceeds will be utilized for commercialization, product development, and extending the company's cash runway through the Food and Drug Administration approval for its aortic stenosis and heart failure solutions, the filing said.

Shares rose more than 6% in midday trading.

Price (AUD): $0.17, Change: $+0.010, Percent Change: +6.25%