Hexarad secures £2.2m Series A funding led by Foresight Group to expand its radiology platform.
Foresight Group led the investment round with participation from angel backers to support the expansion of the company radiology technology.
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 start-up Hexarad has secured £2.2m in a Series A funding round led by Foresight Group. The investment follows a previous raise of £2.3m in 2021, bringing the company total to £4.5m, and drew additional participation from angel investors Sachin Agrawal and Henry Carleton. The fresh capital will be deployed to expand the company platform and improve scan reporting times for patients.
The firm offers workflow management software, including its Optirad tool, designed to streamline departments and cut reporting queues. With at least one NHS Trust already signed up to implement the software, the funding supports the company as it scales its operations to meet rising post-pandemic demand for medical imaging.
From the founder
"We are very pleased to have closed this round following extraordinary levels of interest where we were oversubscribed. There has been an explosion of early stage healthtech funding across Europe, but we think that Hexarad has connected with investors because we are developing healthcare technology that truly addresses the biggest issues facing healthcare providers. Our first-hand experience of the pressure that radiology departments are under means that we are uniquely placed to develop innovative, clinically-led solutions"
Farzana Rahman
Co-Founder and CEO at Hexarad
Investor perspective
"Hexarad is one of the UK’s most exciting healthcare technology companies. The team is passionate about improving patients’ lives using technology and innovation. Foresight is delighted to continue supporting Hexarad with its ambitious growth plans."
Matt McCloughlin
Investment Manager, Foresight Group
Use of funds
- 01Continue product development