Radiology technology company Hexarad has completed an 拢11 million growth round of funding.
Headquartered in London, Hexarad was founded in 2016 by a group of NHS consultant radiologists and is now one of the UK鈥檚 fastest growing MedTech companies.
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.
Its technology automatically assigns 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.聽
It has attracted over 200 radiologists to its platform to date.
European HealthTech growth equity investor MTIP led the round alongside reinvestment from existing shareholders, including the Foresight Group.聽
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鈥淔ollowing 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,鈥� said Farzana Rahman, co-founder and CEO.聽
鈥淥nce 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.
鈥淭he 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.聽
鈥淭his significant investment will allow Hexarad to continue its international growth and cement our place as one of the UK鈥檚 most exciting health technology companies.鈥�
Katrin Vatiska, investment partner at MTIP, added: 鈥淲e 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.聽
鈥淲e see tremendous potential in Hexarad and are thrilled to support the scaling of their teleradiology services and the expansion of their software product offerings.鈥�