Medtech startup Hexarad has closed a £4.5m Series A funding round with an additional fundraising of £2.2m to support its radiology technology.
London-based Hexarad was founded to solve the problem of overstretched radiology departments having severe delays in scan results.
Hexarad provides workflow management software to these departments to optimise imagining scan times. The software analyses and deploys the limited number of radiologists in what the company claims are a more efficient way.
The health tech startup was founded in 2016 by a group of NHS consultant radiologists. The company has since become a provider for both NHS and private healthcare customers.
“There has been an explosion of early-stage health tech 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,” said Hexarad CEO, Dr Farzana Rahman.
“Our first-hand experience of the pressure that radiology departments are under means that we are uniquely placed to develop innovative, clinically led solutions.”
The latest cash injection was led by private equity and infrastructure investment manager Foresight Group. Additional participation in the funding round came from angel investors.
“Hexarad is one of the UK’s most exciting healthcare technology companies,” said Matt McLoughlin, an investment manager at Foresight Group.
“The team is passionate about improving patients’ lives using technology and innovation. Foresight is delighted to continue supporting Hexarad with its ambitious growth plans.”
The new funding came after a £2.3m cash raise from Hexarad in 2021. The previous funding also came in part from return investors Foresight Group.
The Series A funds will go towards the growth of the company’s radiology platform, with the aim of improving scan reporting times.