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MTIP is pleased to announce MTIP Fund II’s ninth platform investment in Hexarad, leading the €13 million growth round with reinvestment from existing shareholders.
MTIP is pleased to announce MTIP Fund II’s ninth platform investment in Hexarad, leading the €13 million growth round with reinvestment from existing shareholders.
MTIP is pleased to announce MTIP Fund II’s ninth platform investment in Hexarad, leading the €13 million growth round with reinvestment from existing shareholders.
Founded in 2016 and headquartered in London, UK, Hexarad’s radiology platform provides teleradiology services and software to customers in the UK, Ireland, and Saudi Arabia. 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 teleradiology services offering provides teleradiology readings to the NHS and imaging centers across the UK and Ireland. The company has consistently achieved over 120% annual growth.
Hexarad operates in a large and fast-growing market with secular growth drivers, such as the widening gap between the demand for radiologists and the supply of radiology imaging. The company tackles the severe shortage of radiologists in the UK by delivering more efficient reporting and using proprietary software to match radiologists based on their specialties. This approach contributes significantly to the availability, accessibility, and acceptability of quality healthcare, as tracked by MTIP’s Impact Tracker as part of our commitment to impact-driven investments.
Hexarad is a category winner due to its proprietary software suite and an interoperable integration engine, combined with the clinical expertise of its visionary founders. The company has built a strong community for radiologists, attracting over 200 radiologists to their platform to date.
With a best-in-class product offering, the company delivers industry-leading turnaround times and consistently high customer satisfaction scores. Hexarad’s software suite includes Hexarad 360, a proprietary radiology information system (RIS) that reduces turnaround times; Hexarad Edge, an interoperable integration engine ensuring fast and secure data exchange and Hexarad Hub, a referrer portal to reduce referral times. Hexarad won a Health Services Journal 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.
Investing in Hexarad aligns well with MTIP’s purpose to empower innovation that improves lives by accelerating the adoption of digital technologies in healthcare. MTIP will leverage its healthcare and software investment expertise to help Hexarad scale and solidify its position as the leading teleradiology services and software provider.
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.”
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. As clinicians, we know to always put the patient first. 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. 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.”
Matt McLoughlin, Director at Foresight states: “We are delighted to continue supporting Hexarad by participating in this growth 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.”
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, the Republic of Ireland, and Saudi Arabia. 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.
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