Dublin-based health tech startup xWave Technologies has secured a significant contract with the UK’s National Health Service (NHS), marking its first competitive UK tender. This agreement will see xWave’s clinical decision support (CDS) software implemented across eight NHS Trusts in Northeast England, providing enhanced diagnostic capabilities to general practitioners (GPs) who serve a population of over three million. This move represents a major step in xWave's mission to improve patient care by ensuring timely and precise diagnostic tests.

In conjunction with the new contract, xWave has launched a crowdfunding campaign via Spark Crowdfunding to accelerate its growth plans. The campaign has already attracted €725,000 in committed capital from existing shareholders, with additional investments expected as the campaign progresses.

Transforming Radiology Through Clinical Decision Support Technology

At the heart of xWave’s offering is its clinical decision support (CDS) software, which aims to streamline the process of radiology referrals and vetting, helping healthcare professionals quickly select the most appropriate imaging tests for their patients. By enabling GPs to access these diagnostic tools in a timely manner, xWave aims to shorten patient wait times and reduce pressure on health systems – a critical goal in modern healthcare.

Mitchell O’Gorman, CEO of xWave Technologies, commented on the importance of the contract, stating, “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.”

O’Gorman further emphasized the company’s commitment to expanding its CDS solution into new markets, supported by the recent crowdfunding campaign. “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 noted.

Fundraising to Fuel Growth and AI Development

With ambitious plans for global expansion and further AI innovation, xWave is actively raising funds through its newly launched campaign on Spark Crowdfunding. The campaign’s objective is to reach a wider network of investors, inviting contributions starting from €100. The campaign offers investors the opportunity to benefit from Employment and Investment Incentive Scheme (EIIS) tax relief, a government-backed incentive designed to encourage investments in small and medium-sized enterprises.

Chris Burge, CEO of Spark Crowdfunding, highlighted the benefits of the xWave opportunity, stating, “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.”

xWave’s current round of funding builds on an already robust financial foundation. Previously, the company raised €2.8 million, including €250,000 from Enterprise Ireland, a significant supporter of Irish innovation in the health tech sector. The funds from this latest campaign are earmarked for scaling the company’s operations and enhancing its artificial intelligence-driven technology, which O’Gorman believes will play an integral role in xWave’s ability to capture a larger share of the healthcare technology market.

Addressing Inefficiencies in Radiology Services

The issue of inefficient and unnecessary diagnostic imaging has long burdened healthcare systems worldwide. In the U.S., the Food and Drug Administration (FDA) estimates that up to 50% of advanced radiology scans are either unnecessary or not beneficial to patients, contributing to long waiting lists, delayed diagnoses, and excessive radiation exposure. These inefficiencies not only affect patient outcomes but also impose substantial financial costs on healthcare providers.

xWave’s CDS software is specifically designed to address these issues. By guiding healthcare professionals in selecting the most suitable imaging tests based on a patient’s specific needs, xWave’s technology helps ensure that patients are referred for the most appropriate diagnostic procedures from the outset. The system’s evidence-based approach to clinical decision-making helps reduce unnecessary scans, thereby minimizing wait times and improving the quality of patient care.

O’Gorman elaborated on the impact of the technology: “In total, this year alone, our annual recurring revenue has reached €500,000. This is why we’re fundraising. We have the right technology, and we can scale very rapidly to capture our share of what is a massive worldwide market.” With an increase in demand for diagnostic imaging solutions, xWave is well-positioned to contribute to healthcare improvements on an international scale.

With its recent NHS tender win, xWave is poised to make significant strides in the UK healthcare market, with aspirations to extend its services even further in the near future. The funding campaign on Spark Crowdfunding represents an important opportunity for investors to support a company that is committed to transforming radiology services and contributing to better health outcomes on a global scale. By investing in xWave’s mission, backers are not only aiding the company’s growth but are also helping to shape the future of patient-centered healthcare.

As xWave continues to grow, the company’s pioneering work in clinical decision support for radiology serves as an example of how technology can be leveraged to tackle some of the most pressing challenges in healthcare today.