Hydrix

What Hydrix does

Hydrix Limited (ASX: HYD) is an Australian specialist engineering and product development firm headquartered in Melbourne, founded in 2002 and operating with 11–50 employees. The company provides multidisciplinary engineering services—spanning electronics, embedded systems, software, mechanical design, and systems integration—for clients developing safety-critical, regulated products in medical technology, defence, and industrial sectors. Hydrix operates through three business segments: Hydrix Services (fee-for-service engineering development on time-and-materials contracts), Hydrix Ventures (strategic equity investments in client medtech and defence companies), and Hydrix Medical (cardiovascular product distribution).

The company's core proprietary technology is the LUDO plug-and-play controller platform for Mechanical Circulatory Support (MCS) device development, complemented by model-based development using Simulink for IEC 62304, IEC 61508, and DO-178C compliance. Notable delivered products include the FELIX sperm separation system, GYDER hip navigation tool, CORIS360 portable radiation imager, and Micro-X mobile X-ray system. Current development programs span Remedy Robotics' N1 endovascular platform, Quantanosis's AI-driven stroke treatment system, Phasor Quantum's GPS-denied navigation technology, NIOA's counter-UAS payloads, and SynCardia's Emperor total artificial heart.

Hydrix generates revenue primarily through project-based engineering contracts with enterprise clients acquired via direct sales, competitive tenders, and industry events, supplemented by equity returns and product distribution. The company maintains ISO 13485 certification (since 2012) and ISO 9001 across medical and defence programs. Disclosed revenue is approximately A$10M annually (FY2025: A$10.09M; FY2024: A$10.61M) with EBITDA improving from -A$8.14M to -A$2.03M, against an enterprise value of approximately A$9.93M and a recently secured FY2027 contract pipeline of A$3.4M plus additional defence and quantum sensing awards.

Name

Hydrix

Legal name

Hydrix Limited

Website

https://hydrix.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

Hydrix Limited (ASX: HYD) is an Australian multidisciplinary engineering firm that designs and develops safety-critical products for medtech, defence, and industrial clients. It operates through Services, Ventures, and Medical segments, delivering ~A$10M annual revenue and proprietary platforms including the LUDO MCS controller.

Ownership category

akta.pro rank

Headquarters

HQ city

Carnegie

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Engineering Development Contracts: Hydrix generates revenue through fee-for-service engineering development contracts. Revenue is recognised progressively over the contract period. Recent contracts include A$3.4M (Remedy Robotics, FY2027), A$1.0-1.2M (NIOA Group), A$1.0-1.2M (Phasor Innovation, 15-month program), and A$2.5M (SynCardia Emperor TAH development). Contracts are structured on a time-and-materials basis.
2. Ventures (Equity Investments): Hydrix Ventures invests in high-potential medtech and defence tech clients, generating returns through equity appreciation. The company also benefits from Australian R&D tax incentives (approx. 43% of eligible expenditure for qualifying programs).
3. Medical Product Distribution: Hydrix Medical distributes disruptive cardiovascular products globally as a third business segment alongside Services and Ventures.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Hydrix is an engineering and design firm that develops safety-critical products across medical technology, defence, and industrial/mining markets. The company delivers end-to-end product development — from concept through regulatory approval and manufacturing transfer — spanning software, electronics, mechanical design, UX, and systems integration. It operates three segments: Hydrix Services (engineering development contracts), Hydrix Ventures (equity investments in client medtech companies), and Hydrix Medical (cardiovascular product distribution).

Product overview

Hydrix is an industrial design and product development firm operating across medical, cardiovascular, industrial, and defence markets. The company offers a portfolio of proprietary platforms including LUDO (a configurable mechanical circulatory support development platform) alongside completed products such as the FELIX sperm separation system, GYDER hip navigation tool, CORIS360 radiation imager, and Micro-X mobile X-ray system. Hydrix provides engineering development services through partnerships including the Remedy Robotics N1 System (AI-enabled cardiovascular robotics), Quantanosis robotic stroke platform (AI + histotripsy), SynCardia Emperor total artificial heart, Phasor Quantum navigation technology, and NIOA counter-UAS payloads. The firm maintains ISO 13485 and ISO 9001 certifications and serves clients globally from its Melbourne headquarters.

Differentiator

Problem solved

Functional benefit

Products and services

• LUDO MCS Development Platform A configurable plug-and-play development platform for mechanical circulatory support (MCS) pump systems. Provides ready-to-use controller technology with integrated Windows user application for algorithm testing, real-time data streaming, and reporting. Includes dual motor drives, programmable I/O, and SD card data logging. Architecture is suitable for future Class III medical devices and supports hybrid simulation, pump driving, and animal/clinical study pathways.
• Remedy Robotics N1 System Development Engineering development services for the Remedy Robotics N1 System, an AI-enabled robotic platform for cardiovascular intervention. Combines robotics, AI, and advanced computer vision to enable experienced clinicians to perform complex endovascular procedures with increased precision and remotely over vast distances. Hydrix provides safety-critical software and embedded electronics development.
• Quantanosis Robotic Stroke Treatment Platform Development Engineering development services for a next-generation non-invasive platform combining advanced robotics, artificial intelligence, and Histotripsy ultrasound to rapidly target and treat stroke-causing blood clots. Hydrix supports development of therapeutic ultrasound delivery and system performance investigation.
• NIOA Counter-UAS Payload Development Design, development, and integration of telemetry-capable inertial proximity fuze and kinetic effector payload package for small uncrewed aerial systems (sUAS), supporting deployable asymmetric counter-drone capability for the Australian Defence Force under the 2026 National Defence Strategy and A$425B Integrated Investment Program.
• Phasor Quantum Navigation Development Development of quantum-assured sensing and navigation technology using nitrogen vacancy diamond-based quantum magnetic field sensors for precision positioning in GPS-denied environments across undersea, maritime, airborne, and land domains. Hydrix provides advanced electronics, mechanical, thermal design, and embedded systems expertise.
• SynCardia Emperor Total Artificial Heart Development Engineering development of the Emperor, a next-generation fully implantable total artificial heart (TAH), through end of 2026 as first phase of a multi-stage, multi-year program structured around defined engineering verification and regulatory milestones. Collaboration may benefit from Australian R&D tax incentives.
• Point-of-Care Device Development Services End-to-end point-of-care device development services from proof of principle through prototypes to production transfer, covering assay development, cartridge/instrument subsystems, regulatory strategy, and usability engineering for medical diagnostic device companies.
• Hydrix Medical Cardiovascular Product Distribution Hydrix Medical distributes disruptive cardiovascular products globally as the third business segment of Hydrix Limited alongside Hydrix Services and Hydrix Ventures.

Quantifiable outcome

• LUDO platform reduces pump control algorithm testing from weeks to days using model-based code generation through Simulink
• +4 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Remedy RoboticscoreStrategic or Co-development Partner · 20 July 2026A$3.4M engineering development contract for safety-critical software and embedded electronics for Remedy's N1 robotic platform for endovascular intervention. Substantially expands existing multi-year relationship. Revenue to be recognised progressively in FY2027, exceeding 50% of Hydrix's current market capitalisation. Remedy Robotics is backed by DCVC, Blackbird, and Tony Fadell's Build Collective.
• SVIN Mission ThrombectomyminorStrategic or Co-development Partner · 20 July 2026Remedy Robotics is the exclusive robotic partner of SVIN Mission Thrombectomy, a global initiative dedicated to expanding access to stroke treatment worldwide. Hydrix's engineering support for Remedy's N1 system indirectly contributes to this initiative.
• Australian Stroke AllianceminorStrategic or Co-development Partner · 20 July 2026Remedy Robotics partners with Australian Stroke Alliance for clinical collaboration in Australia. Hydrix supports this through engineering development of the N1 robotic platform.
• Quantanosis Ai Inc.coreStrategic or Co-development Partner · 24 June 2026Hydrix has been engaged by US-based Quantanosis Ai to support preliminary development of a next-generation AI-enabled robotic stroke treatment platform combining advanced robotics, AI, and Histotripsy ultrasound. The engagement was extended following encouraging initial results from simulation and modelling activities to support further investigation of therapeutic ultrasound delivery and system performance.
• Phasor Innovation / Phasor QuantumcoreStrategic or Co-development Partner · 4 June 2026Multi-stage project to develop advanced quantum sensing and navigation technologies for GPS-denied environments (undersea, maritime, airborne, land). Estimated revenue of $1.0-1.2M over 15 months, with binding first contract stage commencing June 2026. Hydrix provides advanced electronics, mechanical, thermal design, and embedded systems. Contributes to Australia's 2026 National Defence Strategy and AUKUS Pillar 2 initiatives.
• NIOA GroupcoreStrategic or Co-development Partner · 14 May 2026Binding contract signed to support design, development, and integration of telemetry-capable inertial proximity fuze and kinetic effector payload for small UAS counter-drone systems. Initial contract valued at $1.0-1.2M, ramping up May 2026 ahead of December demonstration milestone, with design optimisation through March 2027. Supports Australia's sovereign defence capability under the 2026 National Defence Strategy and A$425B Integrated Investment Program.
• SynCardia Systems (Picard Medical)coreStrategic or Co-development Partner · 5 January 2026Development collaboration agreement to advance the Emperor, a next-generation fully implantable total artificial heart. Hydrix performing development work through end of 2026 as first phase of a multi-stage, multi-year program, structured around defined engineering verification and regulatory milestones. Collaboration may benefit from Australian R&D tax incentives of approx. 43% of eligible expenditure.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Sagentia: UK-headquartered science and engineering consultancy providing product development and technology services to medical, industrial, and consumer clients. Sagentia operates a comparable multidisciplinary engineering model to Hydrix with similar safety-critical and regulated-industry focus.
• StarFish Medical: Canadian medical device design, development, and contract manufacturing firm with deep expertise in Class II and Class III devices. StarFish shares Hydrix's full-service medical device development model and serves a similar client base of medtech startups, multinationals, and OEMs.
• Invetech: Australian-headquartered engineering services firm specializing in product design and development for medical devices and industrial clients. Invetech is one of Hydrix's closest direct competitors, offering similar multidisciplinary engineering, regulatory, and Class III device development capabilities to global medtech OEMs.
• Bresslergroup: US product design and engineering consultancy with a strong medical device practice, providing human-centred design, mechanical/electrical engineering, and regulatory services. Bresslergroup competes with Hydrix for medtech and consumer health product development engagements.
• Empirical Systems: US engineering services firm focused on aerospace, defense, and medical device product development with safety-critical expertise. Empirical overlaps with Hydrix's defense (counter-UAS, mission-critical systems) and medical device development capabilities.
• Cambridge Consultants: UK-based product development and technology consulting firm with strong capabilities in medical devices, defence, and wireless/sensing technologies. Cambridge Consultants competes directly with Hydrix for safety-critical, regulated engineering engagements from global clients.
• Planet Innovation: Australian product design, engineering and manufacturing services company focused on medical devices, healthtech, and industrial markets. PI offers a comparable end-to-end development model including design, engineering, regulatory, and commercialisation services that overlaps directly with Hydrix Services.
• Synapse Product Development: US-based product development consultancy specialising in medical devices, with expertise spanning electronics, software, mechanical, and regulatory disciplines. Synapse competes directly with Hydrix for medtech engineering services, particularly for Class III cardiovascular and diagnostic device programs.
• Ximedica (Veranex): US-based medical device development services firm offering design, engineering, regulatory, and clinical services to medtech clients. Ximedica/Veranex is a direct competitor to Hydrix Medical, particularly for Class II/III device programs from US startup and multinational clients.

Broad incumbents

• IDEO: Global design and innovation consultancy with a broad portfolio spanning consumer, medical, industrial, and digital products. IDEO is a broader incumbent that overlaps with Hydrix on human-centred design and product development but operates at a much larger scale and broader scope than Hydrix's specialised safety-critical focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@hydrix
• LinkedInlinkedin.com/company/hydrix
• Xx.com/innovation9

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hydrix