Hexarad secures £11m funding to expand its teleradiology software, helping NHS reduce radiology delays

Hexarad, a rapidly growing London-based health technology startup, recently secured £11 million in funding to further expand its innovative teleradiology software platform. This significant investment round was led by the Swiss-based growth equity firm MTIP, with additional contributions from existing shareholders, including the Foresight Group.

Founded in 2016 by a group of NHS consultant radiologists, Hexarad's mission is to alleviate the pressure on overburdened radiology departments by providing advanced workflow management software. The company's proprietary software is designed to optimize imaging scan times, aiming to deliver faster and more accurate results for patients. This need is particularly pressing, given that the NHS currently faces a 30% shortfall of clinical radiologists, leading to significant backlogs and delays in delivering scan results.

The Hexarad platform offers a comprehensive suite of tools covering the entire radiology workflow. These tools include a radiology information system, a hub for urgent reporting, and a portal that automates the allocation of scans to the most appropriate radiologists. This automation significantly improves efficiency, with the auto-allocation feature processing scans 90% faster than manual methods. By streamlining these processes, Hexarad helps healthcare providers in the UK, Ireland, and Saudi Arabia to better manage their radiology workload and reduce the time patients wait for their results.

The urgency of Hexarad's mission is underscored by recent data, which shows that in 2023, 745,000 patients in England had to wait over four weeks to receive their imaging test results. The Royal College of Radiologists has also highlighted the severity of the situation, with 97% of clinical directors reporting that the shortage of radiologists is causing significant delays and backlogs, and 91% expressing concerns about the impact on patient safety.

This latest funding round follows a £4.5 million raise in 2022, which also saw participation from the Foresight Group. The continued financial backing from these investors reflects their confidence in Hexarad's potential to address the critical challenges facing radiology departments.

Farzana Rahman, Co-Founder and CEO of Hexarad, emphasized the importance of their clinical experience in developing effective solutions for the healthcare industry. She noted that the new investment would enable Hexarad to continue its international expansion and solidify its position as a leading health technology company in the UK. Rahman also highlighted the company's commitment to putting patients first, a principle that has guided their approach to developing technology that directly addresses the global shortage of radiologists.

Hexarad's growth and success have been further validated by industry recognition. The company recently won a Health Services Journal (HSJ) Partnership award for its work with North West Anglia NHS Foundation Trust, where its platform reduced diagnostic waiting times for acute and emergency care patients. This achievement exemplifies Hexarad's impact on improving patient outcomes through technology.

The new funding will also support the scaling of Hexarad's teleradiology services and the expansion of its software product offerings. With over 200 radiologists already using the platform, Hexarad has established a strong community that benefits from industry-leading turnaround times and high customer satisfaction. The company’s ability to attract top talent and maintain a high level of service is key to its continued growth and success.

Investment partners like Katrin Vatiska from MTIP and Matt McLoughlin from Foresight Group have expressed their enthusiasm for Hexarad’s future. Both have praised the founding team’s clinical expertise and innovative approach, which have been central to the company's rapid growth and its potential to make a significant difference in the healthcare sector.

In summary, Hexarad's recent £11 million funding round marks a crucial step in its journey to revolutionize the field of radiology. With its innovative software solutions and strong leadership, the company is well-positioned to address the pressing challenges faced by radiology departments, ultimately improving patient care on a global scale.