Hexarad closes £11.2m growth round for radiology platform

Radiology platform Hexarad has announced the closure of a €13 million (£11.2m) growth round with reinvestment from existing shareholders, led by Swiss-based growth equity firm MTIP.

Hexarad, which is headquartered in London, provides teleradiology services and software to the NHS and imaging centres across the UK, Ireland, and Saudi Arabia.

Farzana Rahman, cofounder and chief executive at Hexarad said that the investment would allow the firm to continue its international growth and cement its place as “one of the UK’s most exciting health technology companies”.

She added: “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 across the world: that there are too many scans and not enough radiologists.”

Hexarad was founded by radiologists in 2016 and aims to combine clinical expertise and industry knowledge with an in-house technology team.

“The clinical experience within our senior leadership team means that we understand these issues inside out and know how to create the most effective solutions,” Rahman said.

Katrin Vatiska, investment partner at MTIP, said: “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, which also participated in the round, said: “We are delighted to continue supporting Hexarad by participating in this growth 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.”

West Hertfordshire Teaching Hospital NHS Trust rolled out Hexarad’s OptiRad solution in June 2024, with the aim of cutting scan waiting times for patients.

In February 2024, Hexarad announced that its platform had helped to reduce diagnostic waiting times for acute and emergency care patients during a pilot at North West Anglia NHS Foundation Trust.

Meanwhile in February 2024, deepc GmbH announced that it had acquired medical imaging software solution Osimis Platform, with the aim of strengthening its AI infrastructure for radiology at scale, and enhancing its capabilities and product offering.