Scan.com raises USD $220 million to expand US imaging

Scan.com has raised USD $220 million to expand its medical imaging network in the United States. The financing combines new equity with debt facilities.

The package includes a USD $90 million Series C equity round led by Noteus Partners and USD $130 million in debt facilities from VerisFi Capital and Atempo Growth. Other equity investors included Aviva, Concord Health Partners, YZR Capital and Oxford Capital.

Scan.com will use the funding to add more imaging providers across the US and invest in the systems it uses to route patients, schedule scans and return diagnostic results. The company, which describes itself as already the largest medical imaging network in the UK, entered the US market in 2023 and now operates nationwide.

The fundraising comes as US healthcare companies try to address long waits, opaque pricing and fragmented booking processes in diagnostic imaging. Scan.com says 85% of scans in the US are still booked by fax or phone, even though the market handles about 600 million scans a year.

The business says more than 900,000 patients use its network globally. It also says revenue doubled over the past year, taking it to an annualised run rate of more than USD $165 million.

Market gaps

Diagnostic imaging is one of the largest areas of American healthcare spending, with the US market valued at more than USD $100 billion, according to Scan.com. The company argues that the core problem is not a lack of scanners, but poor coordination between patients, imaging centres and referring organisations.

Price differences between nearby MRI providers can range from a few hundred dollars to several thousand dollars for the same scan, the company says. Some centres are booked weeks ahead while others nearby have spare capacity, adding to delays and administrative costs.

Its model is aimed at organisations rather than only individual consumers. Employers, health plans, digital health providers, third-party administrators and workers' compensation systems can connect to the network through a single application programming interface, according to the company.

Scan.com says its system links search, scheduling and results delivery through a national interface tied to independent imaging centres' booking systems and electronic medical records. Referrals are matched against live availability, price and subspecialty, while reports are routed to radiologists with the relevant specialism.

Patients are also supported by care guides through the process, and results are typically returned within 48 hours, according to the company. The approach reflects a broader push in healthcare technology to combine automation with human support rather than remove it altogether.

Investor backing

Charlie Bullock outlined the company's view of the market opportunity in the US.

"The US runs around 600 million medical imaging scans a year, and there is still no national infrastructure behind them," said Charlie Bullock, Co-Founder and Chief Executive Officer of Scan.com. "Labs got that decades ago with Quest Diagnostics and Labcorp. Imaging never did, and that is what we have built.

"An employer, a health plan or a digital health app can now connect to imaging capacity nationwide through a single API, and their patients get scanned at a quality-checked center in days rather than weeks, at a price they can see before they schedule. This investment is about making that the standard in US healthcare, rather than the exception."

For investors, the bet is that a more connected imaging market can lower friction for both patients and payers. The round also suggests continued appetite for healthcare infrastructure businesses that sit between providers and the organisations buying care.

"We have known Charlie and Oli for many years, and few teams have strengthened our conviction as consistently over time as they have," said Nathalie Bruls, General Partner at Noteus. "Their bold vision and relentless execution have brought Scan.com to a point where years of investment in patient experience, provider connectivity and proprietary data are increasingly compounding, building an advantage that only continues to deepen with scale and AI.

"Modern healthcare systems need to deliver better outcomes and lower costs. We led this round because we see Scan.com as uniquely positioned to power that future, having built the network and intelligence layer for diagnostic imaging."

Concord Health Partners also linked the investment to pressure on the US health system to improve access and control costs.

"Scan.com's ability to improve access to high-quality diagnostic imaging while reducing cost and complexity is directly aligned with Concord's mission to support companies that improve quality, increase access and reduce the cost of care," said James Olsen, Managing Partner at Concord Health Partners. "We look forward to supporting the Scan.com team as they continue to expand their technology-enabled network and improve how imaging is accessed and delivered across the United States."