xWave Technologies has earned more than 20 NHS Trusts contracts in the UK for its diagnostic decision-making platform.

Irish AI health-tech 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, with rising demand for imaging, pathology, cardiology, endoscopy and physiological diagnostics colliding with a constrained supply of specialist clinicians.

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 €3m 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. Alongside others, xWave Technologies received the largest funding awarded at €9.1m. 

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