Since the beginning of the pandemic, there has been a sharp rise in the demand for imaging, with imaging waiting lists having multiplied by ten in the past two years. About 70 scans per minute were performed in the UK last year, but reporting errors cause patients to wait longer for diagnoses and treatments.
Radiology technology start-up Hexarad has raised an additional funding of £2.2M.This brings the total amount raised by Hexarad to £4.5M, which includes the £2.3M it raised in 2021.
The round was led by Foresight Group, private equity and infrastructure investment manager, with additional participation from angel investors including healthcare leaders Sachin Agrawal based in the US and Henry Carleton based in the UK.
The additional funds raised in this round will enable Hexarad to expand its radiology platform, which focuses on allocative efficiency to reduce scan reporting times.
Foresight’s investment in Hexarad will allow the company to support more NHS and private healthcare customers by expanding its reporter network’s capability and specialisation and further improving the technology that is central to the customer and radiologist experience.
Hexarad is a high-growth, early-stage healthcare technology company that provides technology-driven solutions to increase radiology capacity and address the root causes of diagnostic delays. Hexarad was founded in 2016 by a group of NHS consultant radiologists, including Dr Amy Davis, Dr Farzana Rahman, Dr Jaymin Patel, and Dr Sam Dumonteil.
Dr Farzana Rahman, CEO of Hexarad, says, “We are very pleased to have closed this round following extraordinary levels of interest where we were oversubscribed. There has been an explosion of early stage healthtech funding across Europe, but we think that Hexarad has connected with investors because we are developing healthcare technology that truly addresses the biggest issues facing healthcare providers. Our first-hand experience of the pressure that radiology departments are under means that we are uniquely placed to develop innovative, clinically-led solutions”
Matt McCloughlin, Investment Manager at Foresight says, “Hexarad is one of the UK’s most exciting healthcare technology companies. The team is passionate about improving patients’ lives using technology and innovation. Foresight is delighted to continue supporting Hexarad with its ambitious growth plans.”
Know what Optirad does
The Hexarad platform includes Optirad, a workflow management software tool that streamlines radiology departments and reduces scan reporting delays. Optirad analyses and then deploys a radiology department’s workforce in the most efficient way possible. It is capable of working across multiple sites, assigning specialist reporting to the most appropriate radiologist. It also includes features such as rota management, intelligent allocations, business intelligence, and intelligent supply and demand forecasting.