London and Atlanta-based Scan.com, a diagnostic imaging platform, has raised $12 million in a Series A funding round co-led by Aviva Ventures, YZR Capital, Oxford Capital, Triple Point Ventures, and Simplyhealth Ventures, with participation from Forefront Venture Partners.
The announcement comes a couple of years after raising $2 million in a seed round co-led by Oxford Capital and YZR in 2021, and backed by notable angel investors including Tom Blomfield (ex-Monzo) and Evelyn Bourke (ex-BUPA), launched Scan.com full-time. In 2022, the company raised $2.2M in an extension round.
How will the funding be used?
The company plans to use the funds to expand its operations in the US and develop bespoke products for UK insurers. This will accelerate the healthcare referral process and deliver life-saving imaging access and quicker results for patients, says the company.
The investment will enable Scan.com to expand into five additional US states and secure enterprise contracts with payers and digital health platforms.
This will help the company achieve its goal of becoming the leading imaging interface across the $120 billion medical imaging market.
The funding will also help Scan.com develop bespoke product integrations to cement its position as a key healthtech infrastructure provider, especially in the private medical insurance vertical.
Scan.com says its UK platform welcomes referrals from hundreds of clinicians, consultants, sporting and healthcare industry bodies, telehealth providers, and insurers every month, including from strategic partners Simplyhealth, the leading cash plan provider whose venture arm co-led this Series A.
Charlie Bullock, co-founder and CEO of Scan.com, said: ‘We are thrilled to have such strong support from our investors as we continue to build Scan.com across the UK & US. The capital will be used to continue to improve access to diagnostic imaging and medical screening exams, through our consumer-facing marketplace and API. This round would not have been possible without the incredible effort and tenacity shown by our entire team, who have built at such a fast pace in what is traditionally a very slow-moving industry.’
Making medical imaging accessible
Scan.com was co-founded by clinicians who experienced inefficiencies when trying to organise diagnostics for their patients.
They teamed up with Charlie Bullock (CEO ) and Oliver Knight (COO) to create an automated alternative.
The platform offers an appointment booking engine for patients, a portal for referring providers, and an API for digital health partners, across the UK and the USA.
With results delivered in as little as a week, Scan.com is on a mission to streamline imaging from end to end, reducing waiting times and improving patient care outcomes.
Following a successful pilot program in Atlanta, Georgia, the company has established a network of over 50 imaging centers and ramped up to $1 million in annualised revenue in the first five weeks of its US launch in February 2023.
The company’s team has since grown to 30-strong across the UK and the US.
Ben Luckett, Chief Innovation Officer at Aviva, said: “Our investment in Scan.com is a statement of our intent to invest in promising young digital and tech firms – they are growing rapidly, have a unique customer proposition, and are already leading the way on medical imaging services in the UK. We are really excited to support Scan.com’s development and growth.”
Jamie Tomalin, Investment Associate at Triple Point Ventures said: “Since we first invested, Scan.com have made huge strides in both the UK and US to achieve their ambitions in becoming the infrastructure layer to enable ease of access to medical imaging, globally. We are excited to be backing Charlie, Oli, and the whole Scan.com team again as they continue executing against this vision and transforming the patient experience.”
Rupert Novis, Director of Simplyhealth Ventures, commented: “Our expanding partnership with Scan.com will allow our customers to book MRI, CT, X-ray, and Ultrasound scans online in minutes, without a referral from a GP. Scan.com’s aim of making booking a diagnostic scan as easy as booking a hotel room aligns perfectly with our purpose of improving access to healthcare for everyone in the UK. We are proud to be investing in Scan.com to help accelerate the development of predictive and preventative services across the changing healthcare landscape.”
