xWave Technologies raises €1.3m seed round

Irish company with potential to eliminate radiology waiting lists could be a disruptive force for good in healthtech.

Irish healthtech start-up xWave Technologies has raised €1.3m in an over-subscribed round led by private investors.

Enterprise Ireland, dubbed Europe’s largest domestic venture capital investor by Pitchbook, contributed €250,000 to the round.

“We can potentially eliminate radiology waiting lists in Ireland and abroad by removing unnecessary tests and ensuring that patients get the best test first”

xWave is on a mission to save lives by ensuring that patients get the best test first.

Radiology scans anywhere

Smiling man in black jacket.

xWave Technologies’ CEO Mitchell O’Gorman. Photo: Nick Bradshaw

The US Food and Drug Administration has highlighted 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 the substantial sums of money spent annually on unnecessary radiology scans.

In 2021, xWave Technologies launched xRefer, a smart radiology referral platform. xRefer uses market-leading evidence to support clinicians in ordering the most appropriate radiology scan for their patient. As a cloud-based platform, available on web, iOS and Android apps, xRefer enables clinicians to quickly create and send evidence-based digital radiology referrals from anywhere, to any hospital or imaging centre, whether public or private.

“The data that we have already seen from the use of xRefer in the Irish healthcare system indicates we can potentially eliminate radiology waiting lists in Ireland and abroad by removing unnecessary tests and ensuring that patients get the best test first,” said xWave Technologies’ CEO Mitchell O’Gorman.

“We already have partnerships in place with two of the largest radiology societies in the world, the European Society of Radiology and the Royal College of Radiologists in the UK. This funding will enable xWave capitalise on commercial opportunities that we now have in the Irish, UK, and Northern European markets.”

xWave Technologies, an Enterprise Ireland high-potential start-up, supported by the HSE Digital Transformation Team, was established in 2020 by a group of leading Irish radiologists who were looking to solve the problems that they face in their day-to-day work.

The business has already demonstrated a positive impact in Irish hospitals where use of xRefer has reduced the average time taken to create, send and have a referral reviewed by a radiologist by

99.6%. This has enabled scheduling of patient appointments to occur a week and a half earlier on average.

Furthermore, it is predicted by xWave that the national roll-out of xRefer across the Irish healthcare system will reduce duplicate and unnecessary radiology referrals by more than 60%, delivering a significant reduction on the radiology waiting list that continues to grow post-Covid.

The company has also recently submitted an international patent application, in partnership with University College Dublin (UCD), to use AI and machine learning to build out the next generation of diagnostic referral tools, with a greater focus on personalised and predictive medicine.

Work on this collaborative research project is already underway with CeADAR, Ireland’s Centre for Applied AI based at UCD. The project, led by Ricardo Simon Carbajo, CeADAR’s Head of Innovation and Development, has been funded through the Enterprise Ireland Innovation Partnership Programme.

John Kennedy
Award-winning ThinkBusiness.ie editor John Kennedy is one of Ireland's most experienced business and technology journalists.