In the last two years, the number of imaging waiting lists has increased tenfold. The demand for imaging is higher than ever due to the pandemic; however, diagnostic and treatment delays are common due to reporting errors in imaging systems. Last year alone, close to 70 scans were performed every minute in the UK, but patients still had to wait.
Hexarad is a radiology technology company that started fundraising in 2021. In that year, they raised £2.3M from investors. Additionally, they raised £2.2M from other investors in 2022. Leading this round was the Foresight Group, which is an infrastructure and private equity investment manager. Other angel investors included healthcare leaders Henry Carleton in the UK and Sachin Agrawal in the US.
Fund Usage
By increasing the amount of money they raise in this round, Hexarad aims to improve their radiology platform. Their goal is to decrease the time required to report scans through allocative efficiency.
By investing in Hexarad, Foresight enables the company to expand its reporter network’s capabilities and specializations. This in turn allows more public and private healthcare providers to use their technology. In addition to this, improving the central technology used by radiologists and their customers is made possible by this investment.
Hexarad is a high-growth, early-stage healthcare technology company. Its name is an acronym for High Growth Extended Range Applications in Radiology and Diagnostics. The company was started in 2016 by several NHS radiologist consultants: Dr Amy Davis, Dr Farzana Rahman, Dr Jaymin Patel and Dr Sam Dumonteil. Their goal is to provide technology-driven solutions that address the root causes of diagnostic delays and increase radiology capacity.
Farzana Rahman, CEO of Hexarad, stated that her company closed an oversubscribed round of funding. She said investors showed a lot of interest in the company, and she was oversubscribed. She continued by saying that there has been a lot of early stage health care funding across Europe. However, she said that Hexarad stood out because they were developing healthcare technology to resolve the biggest issues in the industry. They also had firsthand experience with the stress faced by radiology departments— which gave them a unique perspective as they developed clinically led solutions.
Matt McCloughlin, an investment manager at Foresight, says, “Hexarad is one of the UK’s most exciting healthcare technology companies. They are incredibly passionate about improving patients lives through the use of technology and innovation. Foresight is happy to continue supporting Hexarad as they pursue ambitious growth plans.”
Know What Optirad Does
The Hexarad platform comes with a workflow management tool called Optirad. This tool is also referred to as the Optirad platform. It’s capable of analyzing and organizing workforces in radiology departments. Additionally, it can assign specific reporting tasks to appropriate radiologists— even across multiple sites. Optirad includes features such as rota management, business intelligence, intelligent supply and demand forecasting and intelligent allocation.
