xWave targets €3m funding after winning NHS contracts, expanding AI diagnostic platform across UK and Ireland, with plans for 30 new jobs.
Irish AI healthtech company xWave Technologies is seeking to raise €3 million to support its next phase of growth.
This follows a series of contract wins across the UK’s National Health Service and increasing demand for its diagnostic decision-making platform.
“Our mission is to ensure every patient gets the best test first, and this funding will allow us to scale that mission across the UK, Ireland and beyond”
Headquartered at NovaUCD, the company has secured agreements with more than 20 NHS Trusts since entering the UK market in 2023. Its client base includes the Yorkshire Imaging Collaborative, a major regional network spanning 24 hospitals and serving a population of over 2.7 million people.
The proposed funding round will support further rollout of xWave’s platform across the NHS, alongside expansion into international markets and the Irish healthcare system. The company said it is in discussions with existing shareholders and selected private investors.
A defining moment
Chief executive Mitchell O’Gorman said the business has grown rapidly in recent years, driven by strong uptake of its technology among healthcare providers.
“This is a defining moment for xWave. We have gone from two products to five, tripled our annual recurring revenue, expanded across more than 20 NHS Trusts and now secured contracts beyond radiology,” he said.
“Our mission is to ensure every patient gets the best test first, and this funding will allow us to scale that mission across the UK, Ireland and beyond.”
Founded to address inefficiencies in radiology referrals, xWave has broadened its capabilities to cover a wider range of diagnostic services. Its platform uses artificial intelligence to support clinicians in selecting appropriate tests, while also reducing administrative workloads through automation and enabling large-scale clinical audit.
The company recently entered the pathology sector with its first contract in the field, marking an expansion beyond its original focus and opening new commercial opportunities.
As part of its growth strategy, xWave plans to create 30 high-skilled jobs over the next three years. Recruitment will focus on areas such as regulatory compliance, product development and commercial delivery, supporting deeper deployment across NHS systems and entry into additional diagnostic specialties.
O’Gorman said the company is targeting more than €15 million in annual recurring revenue within that timeframe, supported by a strong pipeline of multi-year contracts and growing demand for AI-enabled workflow solutions.
Is AI a panacea for ailing health systems?
The expansion comes at a time when diagnostic services are under sustained pressure in many healthcare systems. Waiting lists continue to rise as demand for imaging, pathology and other diagnostic procedures outpaces available clinical resources.
In the UK, radiology waiting lists exceed 1.7 million patients, while in Ireland more than 300,000 individuals are awaiting diagnostic services. xWave’s platform is designed to help address these challenges by improving referral quality, reducing unnecessary tests and streamlining operational processes.
Professor Ronan Killeen, consultant radiologist and chief medical officer at xWave, said improving diagnostic decision-making is critical to easing system-wide constraints.
“Diagnostics is one of the biggest bottlenecks in modern healthcare,” he said. “xWave is building the infrastructure to help health systems manage demand more effectively, improve referral accuracy and support clinicians in choosing the right test first. While radiology was our starting point, the need spans every clinical specialty.”
The company is also involved in collaborative research through the AINM project, led by the UCD Clinical Research Centre. The initiative, backed by €9.1 million in funding under Ireland’s Disruptive Technologies Innovation Fund, is focused on advancing AI-driven clinical decision support across disciplines including cardiology, endoscopy and physiological sciences.
xWave’s existing investors include Enterprise Ireland, members of its founding team and board, and a group of private high-net-worth backers. The new funding round is intended to accelerate product development and strengthen its position within the rapidly evolving digital diagnostics market.
With health systems increasingly turning to technology to manage capacity constraints, xWave is positioning itself as a key player in the development of AI-led diagnostic infrastructure.
Top image: Neil Hosey, Chief Product and Technology Officer; Professor Ronan Killeen, Chief Medical Officer; Stefan McDonald, Chief Growth Officer; Claire O’Mahony, Operations Lead and Mitchell O’Gorman, CEO. Photo: Paul Sharp/Sharppix
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