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StatRad® Secures $13 Million Equity Investment

SAN DIEGO–(BUSINESS WIRE)–StatRad®, the company that set the national standard for quality teleradiology services and is now redefining medical image management technology, has announced a $13 million equity investment from a strategic institutional partner.

The funding will be used to accelerate development of technology to rapidly and securely ingest, view, share and store medical images in the cloud. Additionally, the investment will support the company’s 25 percent growth in teleradiology services and its RadConnect® cloud-based image sharing solution.

“This funding is a powerful validation of our technology solution and business model for managing medical images in the cloud. It will enable us to accelerate the expansion of our platform and the development of additional applications for the medical imaging markets while remaining debt free,” said Chief Executive Officer Vishal Verma, M.D. “We’ve taken a huge step forward in our mission to improve the way medical images are managed, viewed and delivered. Healthcare providers need rapid access to medical images regardless of their location or the device they use, and we have a novel approach to making that happen. We’re using our exciting new streaming technology while incorporating what we’ve learned from 20 years of providing world-class teleradiology services. Our imaging platform is built with speed, scalability and security as its critical ingredients, and it has the potential to revolutionize radiology and advance patient care globally.”

StatRad’s rapidly expanding teleradiology customer base can use the company’s radiology services for after-hours coverage, which can help lower costs and improve patient care. The company is known for its fast turnaround times and low discrepancy rates. Through its web-based RadConnect software, the company offers a secure, convenient and cost-effective way for referring physicians, hospitals, patients and entire health systems to share radiology images and reports. RadConnect was recently featured in a China TV story about the company’s technology donation to a missionary hospital in Kenya, Africa, providing life-saving services in collaboration with U.S.-based radiologists.

Use of StatRad’s technology extends beyond radiology, too. The platform can assist a multitude of healthcare companies, such as image analysis and medical device businesses, with the ability to efficiently incorporate medical images into their software solutions.

More information about StatRad’s medical image management innovations will be available at the company’s exhibits at Health Connect Partners 2016 Fall Radiology & Imaging Conference and Fall Hospital & Healthcare I.T. Conference in Chicago as well as RSNA 2016, also in Chicago.

About StatRad
StatRad provides cloud-based software to allow digital access to medical images. We facilitate a global image exchange accessible by patients, physicians and healthcare networks. The company offers its innovative software as a service (SaaS) and as a web scale platform (PaaS). StatRad also provides high quality interpretation of medical images through its award winning teleradiology services. For more information call us at 855-TELERAD (835-3723), visit www.statrad.com, www.radconnect.com or connect with us on Twitterand LinkedIn.