London radiology tech startup Hexarad has secured €13 million in funding. This follows the £4.5 million Series A funding that the company raised back in 2022.
Investment details
The investment round was led by European healthtech growth equity investor MTIP, which invested in Apricity, a London-based virtual fertility clinic alongside existing shareholders, including the Foresight Group, which recently backed Sentient Labs.
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.”
End-to-end radiology solution
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. Its proprietary software and teleradiology platform help customers across the UK, Ireland, and Saudi Arabia to boost radiology capacity and address the key causes of diagnostic delays.
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.
Farzana Rahman, Co-Founder and CEO at Hexarad commented: “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 across the world: that there are too many scans and not enough radiologists. 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.”
