Using artificial intelligence, the new technology will be used to assess the development of metastatic and primary brain tumours.
IB's quantitative expertise will form the foundation of IB Trax with clinical input provided by the May Clinic, IQ-AI said.
"We are excited to team up with the Mayo Clinic to significantly expand the diagnostic utility of our core applications,” said Michael Schmainda, chief executive of IB in a statement.
“This collaboration provides key clinical input to further enhance the design and guide development of IB Trax."
The US medical group will receive what is described as a ‘token’ US$50,000 of shares in IQ-AI, and will be handed US$10,000 more in stock each year the agreement exists. It has also been given a 4% royalty on each sale of IB Trax, including US$20,000 on the initial commercial installation.
The deal builds on an already strong relationship with the Mayo that has seen appointment to IB’s scientific advisory board of Dr Leland Hu, assistant professor of radiology at the clinic’s Arizona campus.