4DMedical
Category: AI in Healthcare
ASX-listed medical technology company using patented XV Technology and AI-powered software to analyze lung ventilation and perfusion from standard imaging. 4DMedical was founded in 2012. The company is led by Dr Andreas Fouras. Based in Melbourne, Australia. Team size: 101-500. Total funding raised: A$423M+. Latest round: Post-IPO. Key investors include Institutional investors (details not individually disclosed in follow-on/placement announcements).
- Founded
- 2012
- Headquarters
- Melbourne, Australia
- Team size
- 101-500
- Total funding
- A$423M+
Value proposition
Enables physicians to dynamically and quantitatively assess regional lung airflow and perfusion using existing CT/X-ray equipment, detecting respiratory disease earlier and with greater sensitivity than traditional methods.
Products and solutions
XV LVAS (FDA-cleared Lung Ventilation Analysis Software), CT LVAS, CT:VQ (FDA/CE/TGA-cleared non-contrast ventilation-perfusion), CAC (Coronary Artery Calcification), IQ-UIP (early IPF detection), LDAf/LDAi (lung density analysis), LTA (lung texture analysis), PHA (pulmonary hypertension assessment), XV Scanner, Imbio AI cardiothoracic suite (acquired 2023), contextflow AI lung cancer detection / chest CT analysis / radiology workflow (acquisition agreement Jun 2026), RevealAI-Lung nodule malignancy risk (via RevealDx partnership, Aug 2026)
Unique value
Only SaaS-delivered software able to dynamically quantify regional lung ventilation using standard imaging equipment, backed by patented XV Technology and FDA clearance
Target customer
Hospitals, radiology and pulmonology clinics, health systems (primarily in the US, Australia)
Industries served
Healthcare / Medical Imaging / Respiratory & Cardiothoracic Diagnostics
Technology advantage
Patented XV Technology (motion-based functional lung imaging); multi-jurisdiction clearances (FDA/CE/TGA) including first non-contrast CT:VQ; SaaS on existing CT/X-ray; Imbio AI suite; European AI lung-cancer/workflow stack via contextflow; Philips commercial channel in North America
How they differentiate
Broader perfusion and ventilation analysis capability without requiring specialized modeling software (vs Fluidda's CFD-based approach); dynamic, motion-based quantification vs static structural imaging competitors
Main competitors
Fluidda, VIDA, Thirona (all in functional lung imaging/AI pulmonary analytics space)
Key partnerships
Acquired Imbio (Dec 2023; AI cardiothoracic imaging, Invenshure portfolio), Philips North America distribution for CT:VQ (Dec 2025; min ~US$10M order commitment CY26-27), Binding agreement to acquire contextflow GmbH (Jun 2026; Vienna AI lung cancer/chest CT, European platform ~A$18.56M cash + equity), Distribution + strategic investment partnership with RevealDx for RevealAI-Lung nodule risk (Aug 2026), US hospital/radiology networks for CT:VQ commercial rollout
Notable customers
Stanford, Cleveland Clinic, University of Miami, UC San Diego Health, US VA-related pilots/pathways, European clinical sites via contextflow
Major milestones
2012: IP acquired from Monash University; company founded, 2020: ASX IPO (A$50M new capital, ASX:4DX), FDA clearance XV LVAS, Dec 2023: Acquired Imbio + A$35M equity raise, Sep 2025: FDA 510(k) clearance CT:VQ (first non-contrast CT V/Q), Dec 2025: Expanded Philips CT:VQ North America distribution (~US$10M order commitment), Jan 2026: A$150M institutional placement (US expansion), Mar 2026: CE Mark CT:VQ + A$83M placement (EU expansion), Jun 2026: Binding agreement to acquire contextflow (Europe platform), Jun 2026: TGA approval CT:VQ (Australia), Jul 2026: AIR CARE for Veterans Act (H.R. 9666) introduced for VA 4D functional lung imaging pilot, Aug 2026: RevealDx distribution/strategic investment (RevealAI-Lung)
Growth metrics
Pro forma cash >A$200M (~US$130M+) after Jan 2026 A$150M placement; additional A$83M Mar 2026 placement; rapid US CT:VQ rollout with Philips channel; Europe expansion via CE Mark + contextflow; ~124 employees (FY25)
Market positioning
Leading player in software-based functional lung imaging (ventilation + perfusion), expanding aggressively in the US post large 2026 raises and Philips distribution, with European beachhead via contextflow and CE-marked CT:VQ
Geographic focus
US, Australia/ANZ, and Europe (via contextflow acquisition and CT:VQ CE Mark), expanding globally
Patents and IP
XV Technology patents originally developed at Monash University, licensed/acquired by 4DMedical in 2012; multiple regulatory clearances (FDA) for XV LVAS and CT LVAS
About Dr Andreas Fouras
Aerospace engineer; PhD from Monash University. Founded 4DMedical based on XV Technology conceived during his wind-tunnel/aerospace fluid dynamics research at Monash University (2005), commercialized the IP from 2012.
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Official website: https://4dmedical.com