xWave Technologies launches €3M funding drive to expand AI diagnostic platform across NHS

Irish AI healthtech xWave Technologies to create 30 jobs amid €3m funding Drive

xWave Technologies has earned more than 20 NHS Trusts contracts in the UK for its diagnostic decision-making platform. Irish AI healthtech company xWave Technologies has announced plans to raise €3m in a new round of funding. The organisation, which is headquartered at NovaUCD in Dublin, will also create 30 new job opportunities to be filled within the next three years. The company, which was established in 2020 by a leading group of radiologists who wanted to create solutions for the problems they were facing in their day-to-day work, also has a presence in the UK and has secured contracts with more than 20 NHS Trusts. xWave Technologies is planning to accelerate the rollout of its diagnostic decision-making platform across the NHS in the UK, international healthcare markets and the HSE in Ireland. According to the company, it is scaling at a time when diagnostic services globally are under intense pressure and there is rising demand for imaging, pathology, cardiology, endoscopy and physiological diagnostics colliding with a constrained supply of specialist clinicians. Make work more human Unlocking the potential of biology for patients Life-changing career opportunities for you Join us to create the technology of tomorrow Commenting on the news, Mitchell O'Gorman, the CEO of xWave Technologies said, "This is a defining moment for xWave. We have gone from two products to five, tripled our ARR, expanded across more than 20 NHS Trusts and now won our first contracts outside radiology. "Our mission is simple, to make sure every patient gets the best test first. We are now seeking to raise €3 million in a new funding round to help us scale that mission across the UK, Ireland and beyond. Once we have secured the funding, we are planning to expand our team by 30 people over the next three years to support regulatory milestones, deepen NHS deployment and accelerate commercial expansion across new diagnostic specialities. "We are targeting more than €15m ARR within the next three years, supported by a growing sales pipeline, multi-year NHS contracts and increasing demand for AI-enabled diagnostic workflow tools." Late last year, xWave Technologies was among seven new projects that received a collective funding of nearly €39m under the Disruptive Technologies Innovation Fund (DTIF). Alongside others, xWave Technologies received the largest funding awarded at €9.1m. Don't miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic's digest of need-to-know sci-tech news.

Irish AI Healthtech company wins contracts with NHS, along with €3 million funding drive | BreakingNews

An award-winning Irish AI healthtech company, xWave Technologies, has secured contracts with over 20 NHS Trusts in the UK for its diagnostic decision-making platform. They also announced that it is seeking to raise €3 million in a new funding round. xWave Technologies, headquartered at NovaUCD in Dublin, entered the UK market in 2023 and is now planning to accelerate the rollout of its diagnostic decision-making platform across the NHS in the UK, international healthcare markets and the HSE in Ireland. Among the company's clients is the Yorkshire Imaging Collaborative, one of the UK's largest and most advanced regional imaging networks, spanning 24 hospitals, 6 NHS Trusts covering a population of more than 2.7 million people. xWave has built a suite of AI-driven products that support the diagnostic pathway end-to-end: helping clinicians refer patients for the best test first, reducing the administrative burden on radiology teams through automated operational workflows, and enabling clinical audit at scale to drive continuous improvement. Originally focused on solving major inefficiencies in radiology referrals, xWave is now expanding its clinical decision support capabilities beyond radiology. The company recently secured its first contract in pathology, opening a new market opportunity and strengthening xWave's ambition to become the operating system for diagnostic decision-making across healthcare. "This is a defining moment for xWave. We have gone from two products to five, tripled our ARR, expanded across more than 20 NHS Trusts and now won our first contracts outside radiology. "Our mission is simple: to make sure every patient gets the best test first. We are now seeking to raise €3 million in a new funding round to help us scale that mission across the UK, Ireland and beyond," said Mitchell O'Gorman, chief executive, xWave Technologies. He said, "Once we have secured the funding, we are planning to expand our team by 30 people over the next three years to support regulatory milestones, deepen NHS deployment and accelerate commercial expansion across new diagnostic specialities." We are targeting more than €15 million in annual recurring revenue (ARR) within the next three years, supported by a growing sales pipeline, multi-year NHS contracts and increasing demand for AI-enabled diagnostic workflow tools." xWave is scaling at a time when diagnostic services globally are under intense pressure, with rising demand for imaging, pathology, cardiology, endoscopy and physiological diagnostics colliding with a constrained supply of specialist clinicians. Starting with the UK and Ireland, where NHS radiology waiting lists exceed 1.7 million and HSE waiting lists exceed 300,000, xWave is building a platform to help health systems worldwide ensure patients get the best test first, automate low-value operational tasks and deliver clinical audit at scale, with the UK's £500 million (€579 million) Digital Diagnostics programme providing a significant near-term opportunity. "Diagnostics is one of the biggest bottlenecks in modern healthcare," said professor Ronan Killeen, consultant radiologist, Chief Medical Officer, xWave Technologies. "xWave is building the infrastructure layer to help health systems manage demand, improve referral quality, reduce waste and support clinicians in choosing the right test first. Radiology was the starting point, but the need for better diagnostic decision-making exists across every speciality". xWave's investors include Enterprise Ireland, its founding team, board members and a group of high-net-worth private investors.