A London Startup Just Raised $220 Million to Fix American Imaging

Scan.com, the London-founded medical imaging network, has raised $220 million to expand across the United States: a $90 million Series C led by Noteus Partners, joined by Aviva, Concord Health Partners, YZR Capital and Oxford Capital, plus $130 million in debt facilities from VerisFi Capital and Atempo Growth earmarked for acquisitions and working capital.

The market it is chasing is enormous and strangely unclaimed. Americans get through some 600 million medical imaging scans a year, and no national network ties that capacity together. “Labs got that decades ago with Quest Diagnostics and Labcorp. Imaging never did,” as co-founder and CEO Charlie Bullock puts it. The company now closing that gap was not born in Boston or the Bay Area. It was born in London – and that detail is the real story of this round.

Below, I lay out what the money funds and why this announcement matters well beyond one company.

The round: equity for the platform, debt for the buildout

The reality. The business earns its price tag. Revenue doubled over the past year to an annualized run rate above $165 million, and more than 900,000 patients have been matched to a scanner through the network. The product is one platform and one API: a doctor orders a scan, the system finds the right imaging centre on availability, quality and price, and the booking, paperwork and results flow through automatically. The new capital goes into expanding the provider network nationwide and deepening the API and AI infrastructure, while the debt facilities fund M&A and working capital.

The silver lining. The structure says as much as the size. Barely 40% of this raise is dilutive: equity pays for what only equity can – the platform, the AI layer, the engineering – while borrowed money buys the physical footprint. The cap table carries its own signal too. Aviva is not a tourist investor; when a British insurer backs a healthcare network, it is underwriting the model, not the hype. This is what a disciplined European growth round looks like in 2026.

The opportunity. What we’re seeing is a pattern spreading across Europe’s growth stage: capital split by purpose, with dilution reserved for the parts of the business that need it. More rounds are being announced this way every quarter – and behind them, founders and employees keeping a larger share of what they built.

Fragmentation is a European training ground

So how does a London company end up consolidating American healthcare?

The reality. Scan.com started in 2017 as National MRI Scan, founded by Charlie Bullock, Oliver Knight, Joe Daniels and two clinicians, Dr Khalid Latief and Jasper Nissim. It spent its first six years doing something unglamorous: stitching the UK’s scattered private imaging capacity into the country’s largest network, scanner by scanner, clinic by clinic. It only entered the US in 2023. Two years later it operates nationwide, run between London and Atlanta, with ambitions to be the imaging network on both sides of the Atlantic.

The silver lining. We usually tell this story in the other direction – the US platform arriving to “solve” fragmented Europe. Here the constraint became the edge. A team that learned to build a network across the UK’s patchwork of providers, payers and referral paths arrived in America to find the same disease in a market ten times the size, with nobody consolidating it. The muscle Europe forces its founders to build – integrating messy, fragmented supply – turned out to be exactly the muscle the biggest healthcare market on earth was missing.

The opportunity. The route Scan.com took is now visible for the rest of European healthtech: win the fragmented home market first, prove the integration engine, then land in the US with revenue and reference customers rather than a pitch deck. Remember: Scan.com did not raise $220 million to enter America. It raised $220 million because it already had.

The pattern worth keeping

The lazy read of this round is “UK startup moves to the US, another one lost.” The honest read is better. The founding team is London’s, the engineering DNA is European, a British insurer sits on the cap table, and the prize is a transatlantic network – the UK’s largest imaging platform using American scale to fund the next leg. That is not a loss. That is an export.

The false goal is keeping our companies small and local so we can call them ours. The real goal is building companies in Europe that are structurally better at solving fragmentation than anyone else – and letting them loose on the largest markets in the world. Scan.com just showed the route, and priced it at $220 million.

Who else is building a network business that Europe trained them for? The opportunity is clear. DMs open.