xWave Technologies Wins Key NHS Tender to Transform Radiology Services in the UK
- Healthtech firm in major fund raise
xWave Technologies, an Irish Healthtech start-up, today announced that it has won its first competitive UK tender covering 8 NHS Trusts in the Northeast of England. xWave will provide its proprietary clinical decision support (CDS) software to GPs across the region serving over 3 million patients, helping them access the right diagnostic test for patients at the right time.
To fund ambitious expansion plans, xWave, headquartered at NovaUCD in Dublin, has also launched a crowdfunding campaign on the Spark Crowdfunding platform with €725K already committed by existing shareholders.
Mitchell O’Gorman, CEO, xWave Technologies, said, “As providers of CDS technology, we empower clinicians to select the most appropriate imaging tests for their patients. This is in keeping with the company mission of ‘best test first’ for patients.
This contract win is a validation of the value that xWave brings in helping reduce patient waiting lists and easing pressures on health services. We want to bring this important solution to new markets with this funding round on the Spark Crowdfunding platform, while further developing our AI capabilities in this area.”
He added, “In total, this year alone, our annual recurring revenue has reached €500k. This is why we’re fund raising. We have the right technology, and we can scale very rapidly to capture our share of what is a massive worldwide market.”
xWave CDS leverages clinical decision support technology to significantly help referral and vetting processing for radiology clinicians to help patients get the most appropriate scan first, and fast.
Timely and accurate diagnosis of patients can give the best health outcomes possible. In radiology the US FDA has estimated that up to 50% of advanced radiology scans may be unnecessary and not of benefit to the patients that they are performed on. This can result in long waiting lists and poor patient outcomes, including delayed diagnoses, missed diagnoses and unnecessary radiation exposure. It also costs health systems substantial sums of money spent annually on unnecessary radiology scans.
xWave CDS addresses these issues by ensuring that patients are referred for the best test for them at the right time.
Chris Burge, CEO, Spark Crowdfunding, said, “This is another great investment opportunity for anyone willing to invest from €100 upwards. There are attractive tax breaks as well, providing an ideal chance to start building a personal share portfolio or nest egg.”
Investments made into the xWave opportunity attract EIIS relief.
xWave has previously raised €2.8 million in funding including €250k from Enterprise Ireland.
ENDS
4 November 2024
For further information contact Micéal Whelan, Communications and Media Relations Manager, UCD Research and Innovation, NovaUCD e: miceal.whelan@ucd.ie or Mitchell O’Gorman, CEO, xWave, e: mitchell@xwave.ie.
Editors Notes
xWave Technologies develops clinical decision support solutions to help patients get the “best test first”. xWave has won significant contracts across both private and public healthcare systems in Ireland and the UK in 2024 and are now raising funds to accelerate their international growth. https://www.xwave.ie/
Spark Crowdfunding is an equity crowdfunding platform based in Dublin. Established in early 2018, Spark helps Irish companies raise new funds from a vast pool of private investors. https://www.sparkcrowdfunding.com/