The company's Gadolinium free project, known as "Simulated T1+C", increased momentum during the first half of 2019.
IQ-AI's subsidiary, Imaging Biometrics, strengthened its development team and committed significant resources to accelerate the development of a product that would remove the need to use potentially harmful gadolinium-based contrast agents in magnetic resonance imaging scans.
IQ-AI said that the growing worldwide market for these agents is around US$1.8bn.
The company's goal is to complete product development within two years and be in a position to submit the product to the relevant regulatory authorities for market clearance at that time.
The other development areas the company is focusing on are artificial intelligence and machine learning, and the company beefed up developer time on these areas in the first half of 2019 and increased capital expenditure on its projects.
All of the company's products are based upon digitising information from medical imaging equipment on a voxel-wise basis – a voxel being the three-dimensional (3D) equivalent of a pixel (i.e. a point on a 3D grid).
In the technology IQ-AI is developing, each individual voxel is examined and compared to surrounding voxels, which is often the first step in identifying diseased or compromised tissue.
In a Machine Learning model, when patients are scanned, their anonymised data is sent over a secure internet feed to a server that is running Imaging Biometrics software; the hospital or clinic receives back useful information on the patient's condition while IB's database is enhanced through the addition of more information.
IQ-AI expects to develop multiple technologies as a result of this initiative and incorporate those technologies into existing and new products.
Revenue for the first six months of the year rose to £142,375 from a restated £47,021 in the same period of 2018.
Loss before income tax narrowed to £141,721 from £401,708.
Net asset value improved to £1.36mln from £255,471 the year before.