In a significant development for the health-tech sector, London-based teleradiology firm Hexarad has successfully raised €13 million in a growth funding round. This investment marks a crucial milestone for the company, which has been making waves in the radiology sector since its inception in 2016.

Background and Company Overview

Hexarad, founded by a group of NHS consultant radiologists, has quickly established itself as a prominent player in the teleradiology space. The company's innovative approach combines clinical expertise with cutting-edge technology to address the global shortage of radiologists and the ever-increasing demand for diagnostic imaging.

Funding Details and Investors

The latest funding round was spearheaded by Swiss-based growth equity firm MTIP, with participation from existing shareholders including Foresight Group. The strong investor interest, resulting in an oversubscribed round, underscores the confidence in Hexarad's vision and potential for growth.

Technological Innovations

At the heart of Hexarad's success lies its proprietary software suite, which covers the entire radiology workflow. This includes a radiology information system (RIS), the Hexarad Edge integration engine, Hexarad Hub for urgent reporting, and Hexarad Portal for auto-allocation. The company's auto-allocation tool has been particularly noteworthy, assigning scans 90% faster than manual allocation while maintaining high accuracy.

Impact on Healthcare

Hexarad's solutions have already made a significant impact on patient care. The company's OptiRad solution, implemented at West Hertfordshire Teaching Hospital NHS Trust, aims to reduce scan waiting times. Additionally, a pilot program at North West Anglia NHS Foundation Trust demonstrated Hexarad's ability to cut diagnostic waiting times for acute and emergency care patients, saving 14 hours of A&E referral time per night.

International Expansion

With a presence in the UK, Ireland, and Saudi Arabia, Hexarad is poised for further international growth. The new funding will enable the company to expand its reach and cement its position as a leading health-tech innovator on the global stage.

Leadership and Team

Hexarad's success can be attributed to its strong leadership team, including co-founders Farzana Rahman (CEO), Amy Davis, Sam Dumonteil, and Jaymin Patel. My clinical experience with the senior leadership team has been instrumental in developing effective solutions that address real-world challenges in radiology.

Future Outlook

As Hexarad moves forward with its growth plans, the company aims to further develop its healthcare technology and expand its software product offerings. With a community of over 200 radiologists on its platform and a track record of industry-leading turnaround times, Hexarad is well-positioned to continue its mission of providing fast and accurate diagnoses for patients worldwide.

The €13 million funding round represents a vote of confidence in Hexarad's innovative approach to teleradiology. As the company continues to grow and evolve, it stands at the forefront of addressing the global shortage of radiologists while improving patient care through technology-enabled solutions. With strong backing from investors and a clear vision for the future, Hexarad is poised to make a lasting impact on the healthcare industry.