Physician-founded teleradiology firm Hexarad raises $14M in growth funding
Hexarad, a physician-founded teleradiology provider and platform, has raised over $14 million (USD) in growth funding, the company announced Thursday.
Switzerland private equity firm MTIP led the investment round with contributions from the Foresight Group and other shareholders. Founded in 2016 and based in London, Hexarad provides teleradiology services and software to customers across the U.K., Ireland and Saudi Arabia.
Its software suite covers the full teleradiology workflow including a proprietary information system, integration engine and hub for urgent reporting. The company also provides remote reads to the NHS and imaging centers in Ireland and the United Kingdom and has consistently “achieved over 120% annual growth.”
“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,” Co-Founder and CEO Farzana Rahman, MBBS, a former NHS consulting radiologist, said in a statement from MTIP. “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.”
Rahman said the company will use the money to fuel international growth. Hexarad highlighted the “widening gap” between demand for radiologists and the supply of trained professionals. It hopes to tackle this “severe shortage” in the U.K. by delivering more efficient reporting and using proprietary software to match radiologists with clients based on their specialty. Hexarad estimates that it has now attracted over 200 radiologists to the company. Offerings on its software platform include Hexarad 360, which helps to reduce turnaround times, Hexarad Edge for improving data exchange, and Hexarad Hub, a portal to reduce referral times.
“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,” Katrin Vatiska, investment partner at MTIP, said in the same announcement.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.