Irish AI healthtech company xWave Technologies has announced that it is raising €3 million in a new funding round after securing contracts with more than 20 NHS Trusts in the UK for its diagnostic decision-making platform.
The company, headquartered at NovaUCD in Dublin, entered the UK market in 2023 and has rapidly expanded its footprint across healthcare systems. Its platform is already being used by major healthcare networks, including the Yorkshire Imaging Collaborative, which spans 24 hospitals and serves over 2.7 million people.
xWave Technologies develops AI-driven tools designed to improve diagnostic pathways in healthcare. Its platform helps clinicians choose the most appropriate tests for patients, reduces administrative workload in radiology departments, and enables large-scale clinical auditing to improve decision-making and efficiency across healthcare systems.
Originally focused on radiology referrals, the company has now expanded into additional diagnostic areas, including pathology, marking a strategic shift toward becoming a broader clinical decision-support platform across multiple medical specialties.
The company said it plans to use the new funding to accelerate deployment across the UK, Ireland, and international healthcare markets, including the Health Service Executive (HSE) in Ireland. It is also targeting expansion into new diagnostic fields such as cardiology, endoscopy, and physiological sciences.
Chief Executive Officer Mitchell O’Gorman said the company has already grown its product suite significantly and is now focused on scaling operations, regulatory progress, and commercial expansion. He added that xWave aims to reach more than €15 million in annual recurring revenue within the next three years.
The funding round also supports plans to create around 30 new high-tech jobs over the next three years, strengthening its engineering, product, and regulatory teams as demand for AI-powered diagnostic tools continues to grow.
The company is also involved in the AINM research project led by the UCD Clinical Research Centre, which focuses on advancing AI-enabled clinical decision support across multiple medical specialties. Existing investors include Enterprise Ireland, founders, board members, and private investors, with the firm now engaging shareholders as it prepares for its next phase of growth.
