Hexarad secures £11m Series B investment led by MTIP to fund international growth
MTIP led the Series B round for the radiology technology company, with participation from existing shareholder Foresight Group.
Hexarad provides proprietary software and teleradiology services designed to boost diagnostic capacity for healthcare providers. The firm develops end to end workflow tools that help reduce patient waiting times.
Radiology technology company Hexarad has raised £11m in a Series B funding round led by Swiss healthtech investor MTIP, with participation from returning backer Foresight Group. The capital will support the company as it pursues further international expansion and scales its suite of software products and teleradiology services.
Founded in 2016 by NHS consultant radiologists, the London based firm has seen strong annual revenue growth of over 120 percent. Its proprietary platform and auto allocation tools help healthcare providers across the UK, Ireland, and Saudi Arabia address diagnostic backlogs and reduce patient waiting times.
From the founder
"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."
Farzana Rahman
Co-Founder and CEO at Hexarad
Investor perspective
"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."
Katrin Vatiska
Investment Partner, MTIP
Use of funds
- 01Expand into international markets
