The company stated that the new deal furthers its move into healthcare, as well as its regional expansion into North America.
It is specialised in designing and producing ultrasound sensors using a thin-film technique to address the conventional ultrasound limitations.
The company uses its in-house design and manufacturing capabilities in engineering a thin-film core material which is lightweight, compact, extreme temperature resistant, flexible, low profile, and also capable of producing high resolution images.
Novosound CEO and co-founder Dave Hughes said: “PAVmed has a strong track record in delivering commercial stage medical technology across medical devices, diagnostics, and digital health – the group is the ideal partner for Novosound as we increasingly gain traction in the international healthcare sector.”
Recently, the company secured $4.49m (£3.7m) in a financing round, which was led by investment services provider Par Equity.
Par Equity partner Paul Munn said: “Novosound has developed best-of-class remote sensor technology that is applicable across multiple sectors, the company continues to rack up international business wins including most recently with PAVmed, and Par is pleased to continue to support Dave and his team in the months and years ahead.”
Novosound stated that its patented thin-film manufacturing process underpins the company’s pioneering non-destructive testing (NDT) products, including the Nebula, Belenus, and Kelpie.
The thin-film manufacturing process eliminates the traditional limitations in ultrasound sensors such as the high cost of high-resolution imaging.