Early-stage healthtech business Hexarad has secured a £2.3million funding round to support its growth.
Hexarad provides teleradiology services to NHS Trusts and UK private healthcare customers. A high growth company based in London, it was founded by a group of NHS consultant radiologists and differentiates through its clinical leadership and technology-led proposition.
Demand for radiology services is increasing rapidly, driven by factors including ageing population, growing prevalence of chronic disease and advances in imaging technology.
A relative shortage of radiologists, coupled with growing demand for specialisation and out of hours reporting, means that teleradiology will play an increasingly important role in the delivery of critical services to patients, particularly given the backlog in care caused by COVID-19.
From its funding round, Hexarad has secured £1.7million growth capital investment from private equity and infrastructure investment manager Foresight Group. The investment will enable the company to support more NHS and private healthcare customers, adding deeper capability and specialisation to its reporter network and further improving the technology which is core to its customer and radiologist experience.
Farzana Rahman, CEO of Hexarad, says: “As radiologists, we’ve had first-hand experience of the growing demands within medical imaging and the tremendous pressure faced by radiology departments and hospitals.
“We founded Hexarad with the mission of creating excellence in medical imaging through developing innovative, clinically-led solutions that help patients get diagnosed more swiftly. We’re excited to be working with Foresight through this next phase of growth, providing the opportunity to build value for our customers.”
Matt McLoughlin, Senior Investment Manager at Foresight, adds: “The services that Hexarad provides are critical to the provision of patient care as the importance of medical images continues to increase. We are investing in an outstanding management team and we look forward to supporting them in achieving their vision over the coming years.”