Irish healthtech start-up xWave Technologies has secured its first competitive UK tender covering eight NHS Trusts in the northeast of England.
xWave, which is headquartered at NovaUCD in Dublin, said it will provide its proprietary clinical decision support (CDS) software to GPs across the region serving over 3 million patients.
This will help the GPs access the right diagnostic test for patients at the right time.
To fund its expansion plans, xWave has also launched a crowdfunding campaign on the Spark Crowdfunding platform with €725,000 already committed by existing shareholders.
xWave has previously raised €2.8m in funding including €250,000 from Enterprise Ireland.
Mitchell O'Gorman, CEO of xWave Technologies, said that as providers of CDS technology, the company empowers clinicians to select the most appropriate imaging tests for their 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," the CEO said.
"In total, this year alone, our annual recurring revenue has reached €500,00. 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," he added.
Chris Burge, CEO of 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," he added.
