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Healthcare
industry
£4.6m
Aggregate investment by all Foresight VCTs
June 2021
Initial investment date
Growth capital
Investment type
Company background
Hexarad is a teleradiology company, improving patient care by supplying NHS Trusts and private healthcare providers with access to specialist radiology resources.
The company was established in 2017 by a group of practising consultant radiologists who trained together at St George's Hospital in London. Having experienced first-hand the challenges of organising scarce radiology resource to diagnose critical medical images on time, they saw an opportunity for a new, technology-enabled and clinically-led, teleradiology company focussed heavily on quality and with a direct understanding of the challenges faced by clinicians and healthcare organisations.
Investment
Hexarad presented the opportunity to invest in an early stage healthcare technology company with a strong and ambitious management team operating in a fast-growing market, serving a genuine healthcare need driven by long term demographic and technology trends.
In June 2021, the Foresight VCTs invested £1.69 million of growth capital in Hexarad. The funding was provided to support the company’s growth plan within the UK teleradiology market by winning NHS and private customers and continuing to increase the size of its clinician base.
Following the investment, Hexarad made considerable progress, including key management and technology hires, which supported a fast revenue growth trajectory.
To support the company’s high growth prospects, a further funding round of £1.39 million was completed in August 2022. A Series-B fundraise of £10.3 million then took place in June 2024, with the Foresight VCTs investing £1.5 million alongside MTIP, a pan-European healthcare technology investor. The round provided the capital to enable Hexarad to continue to develop its market leading technology proposition, whilst continuing to scale commercially, as well as providing a partial equity release for the founder management team.
Trading and strategy
Hexarad has performed well since investment and continues to execute its strategic and operational plans, with new contract wins and a growing pipeline reflecting the significant structural market demand for teleradiology services, as well as Hexarad’s technology-led, differentiated commercial proposition. Radiologist recruitment and the launch of key strategic projects remain on track. Achieving a decrease in NHS waiting times is a national priority and the capacity provided by Hexarad’s services supports healthcare providers in this aim.
