The demand for imaging has dramatically increased since the start of the pandemic, with a tenfold increase in imaging waiting lists over the last two years. Last year, the U.K. performed approximately 70 scans per minute, but delays on reporting those scans meant that patients were waiting longer for their diagnoses and treatment.
Founded in 2016 by a group of NHS consultant radiologists, London-based radiology technology startup Hexarad is addressing the key causes of diagnostic delays by boosting radiology capacity.
The UK-based health tech company has now raised £2.2 million. This is in addition to £2.3 million the company had raised in 2021, bringing the Series A funding to £4.5 million. The round was led by Foresight Group with participation from angel investors, including healthcare leaders Sachin Agrawal and Henry Carleton.
Going forward, Hexarad plans to grow its radiology platform which focuses on allocative efficiency to improve scan reporting times. The company will also support more NHS and private healthcare customers, adding deeper capability and specialisation to its reporter network and further improving the technology which is core to its customer and radiologist experience.
Dr Farzana Rahman, CEO of Hexarad, said: “Hexarad is developing healthcare technology that truly addresses the biggest issues facing healthcare providers. Our first-hand experience of the pressure that radiology departments face means that we are uniquely placed to develop innovative, clinically-led solutions.”
Matt McCloughlin, investment manager at Foresight added: “The team is passionate about improving patients’ lives using technology and innovation. Foresight is delighted to continue supporting Hexarad with its ambitious growth plans.”