London radiology tech company Hexarad has secured €13 million in funding.
Hexarad was founded in 2016 by a group of NHS consultant radiologists. Its proprietary software and teleradiology platform help customers in the UK, Ireland, and Saudi Arabia boost radiology capacity and address the key causes of diagnostic delays.
Hexarad’s software suite covers an end-to-end radiology workflow including a proprietary radiology information system (RIS), Hexarad Edge integration engine, Hexarad Hub for urgent reporting and Hexarad Portal for auto-allocation.
The company recently won a Health Services Journal (HSJ) Partnership award for its work in reducing diagnostic waiting times for acute and emergency care patients at North West Anglia NHS Foundation, where it saved 14 hours of accident and emergency (A&E) referral time a night.
Hexarad also provides tech-enabled teleradiology services to the NHS and imaging centres across the UK and Ireland. The company has developed proprietary technology to assign scans to the most appropriate radiologist automatically. The auto-allocation tool assigns scans 90 per cent more quickly than manual allocation and is more accurate and efficient.
Hexarad has now established a strong community for radiologists, attracting over 200 radiologists to its platform to date, and delivers industry-leading turnaround times and consistently high customer satisfaction scores.
Farzana Rahman, Co-Founder and CEO at Hexarad comments:
“Following unprecedented interest and an oversubscribed round, we are really pleased to be moving forward with MTIP, as well as many of our other existing investors.
Once again, investors have been impressed by our clear mission to develop healthcare technology that addresses the problem we are seeing worldwide: that there are too many scans and not enough radiologists.
"The clinical experience within our senior leadership team means that we understand these issues and know how to create the most effective solutions."
MTIP led the round alongside reinvestment from existing shareholders, including the Foresight Group.
Katrin Vatiska, Investment Partner at MTIP, states:
“We are highly impressed by the founding team—Farzana Rahman, Sam Dumonteil, Jaymin Patel, and Amy Davis—and we are excited to partner with them for the next phase of growth.
We see tremendous potential in Hexarad and are thrilled to support the scaling of their teleradiology services and the expansion of their software product offerings.”
Matt McLoughlin, Director at Foresight, states:
“We are delighted to continue supporting Hexarad by participating in this Series B funding round.
The company has achieved strong growth since our initial investment in 2021, using its differentiated technology platform and clinically-led approach to make a real difference to patients. We look forward to the next stage of Hexarad’s journey.”
Lead image: Hexarad.
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