xWave Technologies, an Irish Health Tech start-up, today announced that it has won its first competitive UK tender covering 8 NHS Trusts in the Northeast of England. xWave will provide its proprietary clinical decision support (CDS) software to GPs across the region serving over 3 million patients, helping them access the right diagnostic test for patients at the right time.
To fund ambitious expansion plans, xWave, headquartered at NovaUCD in Dublin, has also launched a crowdfunding campaign on the Spark Crowdfunding platform with ca. £610K (€725K) already committed by existing shareholders.
Mitchell O’Gorman, CEO, xWave Technologies, said, “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. 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 added, “In total, this year alone, our annual recurring revenue has reached €500k. This is why we’re fund raising. We have the right technology, and we can scale very rapidly to capture our share of what is a massive worldwide market.”
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xWave CDS leverages clinical decision support technology to significantly help referral and vetting processing for radiology clinicians to help patients get the most appropriate scan first, and fast.
Timely and accurate diagnosis of patients can give the best health outcomes possible. In radiology the US FDA has estimated that up tp 50 per cent 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 substantial sums of money spent annually on unnecessary radiology scans.
xWave CDS addresses these issues by ensuring that patients are referred for the best test for them at the right time.
Chris Burge, CEO, Spark Crowdfunding, said, “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.”
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Investments made into the xWave opportunity attract EIIS relief.
xWave has previously raised £2.35 million (€2.8 million) in funding including £210k (€250k) from Enterprise Ireland.
