The grant will facilitate development of AI-assisted ultrasound imaging auto-assessment applications and tools to help address maternal and fetal health and respiratory diseases.

ICU Medical has teamed up with a private equity firm to challenge GE Healthcare Technologies in its pursuit of two medical technology businesses that Medtronic Plc is seeking to sell for between $8 billion and $9 billion, according to people familiar with the process.

Bloomberg reported on Thursday that Medtronic was also open to a sale at the right price and the businesses could be valued at more than $7 billion. The two businesses were also drawing interest from private-equity firms, according to the report.