Hexarad secures €13 million growth round investment

Radiology technology company Hexarad has completed a €13 million growth round, with European healthcare technology growth equity investor MTIP leading the round alongside reinvestment from existing shareholders, including the Foresight Group. Headquartered in London, Hexarad was founded in 2016 by a group of NHS consultant radiologists.

Hexarad has had consistent annual revenue growth of over 120 per cent. Its proprietary software and teleradiology platform helps customers across the UK, Ireland and Saudi Arabia boost radiology capacity and address the key causes of diagnostic delays.

Co-founder and ceo Farzana Rahman said: “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.

“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. Importantly, as clinicians we also know to always put the patient first. This significant investment will allow Hexarad to continue its international growth and cement our place as one of the UK’s most exciting health technology companies.”

Picture: Hexarad directors coo Dr Jaymin Patel, ceo Dr Farzana Rahman, cto Tim Baker, cfo Dr Sam Dumonteil and cco Dr Amy Davis.

Read this report on page 7 of the November 2024 issue of RAD Magazine.