Echo IQ (ASX:EIQ) received commitments from existing and new Australian as well as international institutional investors to raise around AU$110 million via a share placement, according to a Wednesday Australian bourse filling.

The placement will result in the issue of 75.9 million new fully paid ordinary shares to institutional investors under the firm's available placement capacity, at a price of AU$1.45 per new share.

The company will use the proceeds to accelerate the execution of its commercial strategy and support the expansion and deployment of its EchoSolv platform across the US, as well as to fast-track the development of its broader cardiovascular artificial intelligence platform.