Hexarad secures £11 million Series B investment led by MTIP

The UK’s fastest-growing radiology technology company Hexarad has secured €13 million (£11 million) in a growth round led by healthtech growth equity investor MTIP

Radiology technology company Hexarad has completed a €13 million (£11.1 million) growth round, with European healthtech 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 and is now one of the UK’s fastest growing healthtech companies.

Hexarad is a high-growth health technology company with consistent annual revenue growth of over 120%. Its proprietary software and teleradiology platform helps customers across the UK, Ireland, and Saudi Arabia to boost radiology capacity and address the key causes of diagnostic delays.

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 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.”

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.”

Hexarad’s software suite covers an end-to-end radiology workflow including a proprietary radiology information system (RIS), Hexarad Edge integration engine, Hexarad Hub for urgent reporting and Hexarad Portal for auto-allocation. The company recently won a Health Services Journal (HSJ) Partnership award for its work in reducing diagnostic waiting times for acute and emergency care patients at North West Anglia NHS Foundation, where it saved 14 hours of accident and emergency (A&E) referral time a night.

Hexarad also provides tech-enabled teleradiology services to the NHS and imaging centres across the UK and Ireland. The company has developed proprietary technology to automatically assign scans to the most appropriate radiologist. The auto-allocation tool assigns scans 90% more quickly than manual allocation, as well as being more accurate and more efficient. Hexarad has now established a strong community for radiologists, attracting over 200 radiologists to its platform to date, and delivers industry-leading turnaround times and consistently high customer satisfaction scores. 

About Hexarad:

Founded and led by radiologists, Hexarad combines clinical expertise and industry knowledge with an in-house technology team to develop solutions to support and optimize radiology departments.

Hexarad is the only end-to-end radiology solution provider delivering industry-leading turnaround times and consistently high customer satisfaction scores, with customers across the UK and Republic of Ireland. The Hexarad platform offers an award-winning teleradiology service covering routine, backlog, and urgent reporting, as well as out-of-hours services, with unique proprietary software to reduce patient waiting times, improve efficiency, and generate cost savings across radiology services.

Hexarad attracts the UK’s top radiologists through its reputation for valuing reporters, focus on clinical excellence and incentives. The team of fully accredited NHS consultant radiologists produce high-quality reports, working as an extension of radiology departments.

About MTIP:

MTIP is a leading Swiss-based growth equity firm investing in European healthtech companies that aim to revolutionize global healthcare. We leverage our deep sector expertise to help scale up successful and sustainable healthtech businesses. At MTIP, we are driven by the purpose to empower healthtech innovation with a potential to transform lives and make a meaningful impact on the world.

About Foresight:

Foresight Group was founded in 1984 and is a leading UK-listed infrastructure and private equity investment manager, which currently supports more than 250 investments in SMEs.