Radiology technology company Hexarad has completed a €13 million growth round, with European healthtech growth equity investor MTIP leading the round alongside reinvestment from existing shareholders, including the Foresight Group. Headquartered in London, Hexarad was founded in 2016 by a group of NHS consultant radiologists and is now one of the UK’s fastest growing healthtech companies.
Hexarad is a high-growth health technology company with consistent annual revenue growth of over 120%. Its proprietary software and teleradiology platform helps customers across the UK, Ireland, and Saudi Arabia to boost radiology capacity and address the key causes of diagnostic delays.
Farzana Rahman, Co-Founder and CEO at Hexarad commented: “The clinical experience within our senior leadership team means that we understand these issues inside out and know how to create the most effective solutions. Importantly, as clinicians we also know to always put the patient first. This significant investment will allow Hexarad to continue its international growth and cement our place as one of the UK’s most exciting health technology companies.”
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 automatically assign scans to the most appropriate radiologist. The auto-allocation tool assigns scans 90% more quickly than manual allocation, as well as being more accurate and more 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.
Katrin Vatiska, Investment Partner at MTIP stated: “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, added: “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.”
