AN Irish health tech start up has won a lucrative contract serving eight NHS trusts across the northeast of England.
Dublin-founded xWave Technologies has created software which reduces GP waiting lists by supporting them to make the best diagnosis when selecting the appropriate imaging tests for their patients.
Under its newly acquired contract, xWave will provide its clinical decision support (CDS) software to GPs across the northeast of England, which covers three million patients.
“As providers of CDS technology, we empower clinicians to select the most appropriate imaging tests for their patients,” Mitchell O’Gorman, CEO at xWave Technologies, said.
Mitchell O’Gorman, CEO at xWave (Pic: Nick Bradshaw)“This is in keeping with the company mission of ‘best test first’ for patients.”
He added: “This contract win is a validation of the value that xWave brings in helping reduce patient waiting lists and easing pressures on health services.”
The startup, which is headquartered at NovaUCD in Dublin, has also launched a crowdfunding campaign on the Spark Crowdfunding platform, to help grow the business into new markets.
It has already raised more than £600k via the platform through existing shareholders.
“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,” Mr O’Gorman said.
“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.”
Specifically, xWave’s CD software can significantly help radiology clinicians in their referral and vetting processing to ensure patients get the most appropriate scan first, and fast.
“Timely and accurate diagnosis of patients can give the best health outcomes possible,” the firm explains.
“In radiology the US FDA has estimated that up to 50 per cent of advanced radiology scans may be unnecessary and not of benefit to the patients that they are performed on,” they add.
“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 at Spark Crowdfunding, has backed the business.
“This is another great investment opportunity for anyone willing to invest from €100 upwards,’ he said.
“There are attractive tax breaks as well, providing an ideal chance to start building a personal share portfolio or nest egg.”
Investments made into the xWave opportunity attract tax relief through Ireland’s EII (Employment Investment Incentive), which aims to encourage individuals to provide equity based finance to trading companies.
