Hexarad, a London-based startup supporting overstretched NHS radiologists with a teleradiology software platform, has raised £11m in funding.
Swiss-based growth equity firm MTIP led the round, with investment also coming from existing shareholders, including the Foresight Group.
Founded in 2016 by a group of NHS consultant radiologists, Hexarad provides workflow management software to optimise imagining scan times.
Its proprietary software and platform aims to help customers in the UK, Ireland, and Saudi Arabia and was founded to solve the problem of overstretched radiology departments facing severe delays in scan results.
Hexarad’s software suite covers the end-to-end radiology workflow, including a radiology information system, a hub for urgent reporting, and a portal for auto-allocation of data.
According to the latest Royal College of Radiologists census, the NHS has a 30% shortfall of clinical radiologists.
About 97% of clinical directors report that the radiologist workforce crisis is causing backlogs and delays at their trusts and health boards, and 91% of clinical directors say that workforce shortages are impacting patient safety.
In 2023, 745,000 patients in England waited over four weeks to receive the results of their imaging tests following their scans.
The new funding came after a £4.5m raise in 2022. This previous funding also came in part from return investors Foresight Group.
Hexarad has worked with the NHS to implement its software, including North West Anglia NHS Foundation Trust.