Hexarad funding news – London-based Hexarad Raises €13 Million in Funding

For their efforts to reduce down on diagnostic waiting times for patients receiving acute and emergency care at North West Anglia NHS Foundation, the company was recently awarded a Health Services Journal (HSJ) Partnership award. As a result, 14 hours of nightly accident and emergency (A&E) referral time were saved.

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It also offers imaging centers in the UK and Ireland and the NHS tech-enabled teleradiology services. The business has created patented technology that allows scans to be automatically assigned to the best radiologist. The auto-allocation tool is more accurate and efficient than manual allocation, assigning scans 90% faster.

With more than 200 radiologists using its platform to date, it has successfully built a strong community for radiologists and offers continuously high customer satisfaction ratings along with industry-leading turnaround times.

Farzana Rahman, Co-Founder and CEO at Hexarad comments: “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 worldwide: that there are too many scans and not enough radiologists. The clinical experience within our senior leadership team means that we understand these issues and know how to create the most effective solutions."

Katrin Vatiska, Investment Partner at MTIP, states: “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, states: “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.”

About Hexarad

In 2016, a group of consultant radiologists from the NHS formed Hexarad. Customers in Saudi Arabia, the UK, and Ireland can increase radiology capacity and solve the main factors contributing to diagnostic delays with the use of its teleradiology platform and proprietary software. The only complete radiology solution available is Hexarad.

The award-winning teleradiology technology ReportRad—which was developed by radiologists—and OptiRad, the industry-leading software solution for managing, organizing, and optimizing your radiology department—make up the Hexarad Platform.