Radiology Partners Revenue, Valuation, Funding & Investors
Radiology Partners is valued at $2B as of February 2024, a 1.0x multiple on its last reported $2B revenue.
Last Radiology Partners valuation
$2B
Undisclosed stage · Feb 2024
Last Radiology Partners funding round
$720M
Undisclosed stage · Feb 2024
Radiology Partners revenue
$2B
Undisclosed stage · Feb 2024
Key investors in Radiology Partners
New Enterprise Associates
Future Fund
Starr Investment Holdings
About Radiology Partners
Radiology Partners is a Woodland Hills-headquartered national radiology platform managing over 3,000 radiologists across 20 states in the US. The company delivers subspecialty services including neuroradiology, musculoskeletal imaging, and body MRI for hospitals and imaging centers. It partners with systems like AdventHealth and Banner Health, leveraging AI tools for workflow efficiency. Formed in 2016 via consolidation of independent groups, Radiology Partners focuses on value-based care models in outpatient and inpatient settings.
Founded
2012
HQ
Los Angeles, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services
Revenue
$2B (Feb 2024)
Valuation
$2B (Feb 2024)
Radiology Partners Valuation
Radiology Partners is currently valued at $2B, based on its undisclosed-stage round in February 2024.
Radiology Partners' valuation has moved from $4B at its undisclosed-stage round in July 2019 to $2B in February 2024, across 4 priced rounds.
Radiology Partners valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2024 | Undisclosed stage | $2B | 1.0x |
| Jun 2022 | Undisclosed stage | $2B | - |
| Mar 2021 | Series A | $2B | - |
| Jul 2019 | Undisclosed stage | $4B | - |
Radiology Partners Revenue
Radiology Partners' latest recorded revenue is $2B, as of its undisclosed-stage round in February 2024. At a $2B valuation, that implies a 1.0x revenue multiple.
Radiology Partners revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2024 | $2B | $2B | 1.0x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Radiology Partners Funding History
Radiology Partners has raised a total of $2B across 8 funding rounds.
Radiology Partners' first fundraising round was a $500K pre-seed round in May 2014. The most recent completed round was a $720M undisclosed-stage round in February 2024.
Radiology Partners funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2024 | Undisclosed stage | - | $720M | $2B | Radiology Partners, the largest radiology practice in the U.S. providing diagnostic imaging services to over 3,300 hospitals and facilities across all 50 states, closed a $720 million Growth Equity funding round on February 22, 2024. The round exceeded the initial $300 million target, led by existing and new investors including private equity firm Whistler Capital, New Enterprise Associates, and the Australian sovereign wealth Future Fund. The company employs over 3,600 physicians and is headquartered in El Segundo, California, founded in 2012. The financing, one of the largest healthcare growth equity raises in recent years, supports expansion of clinical services, technology, and AI capabilities, while reducing debt and extending maturities to 2028-2030, retaining over $500 million in cash liquidity. Legal counsel included Kirkland & Ellis and Sidley Austin, with financial advisors Moelis & Company and Barclays Capital. Prior to the transaction, physicians owned about 33% of the company, with the rest held by key investors. |
| Jun 2023 | Undisclosed stage | - | $63M | - | Radiology Partners is the nation's largest radiology practice headquartered in El Segundo, California, founded in 2012. The company serves more than 3,300 hospital and healthcare facilities including imaging centers and clinics across the United States, with 3,600+ employees. It provides diagnostic imaging services and is focused on advancing clinical capabilities, technology, and artificial intelligence within radiology. |
| Jun 2022 | Undisclosed stage | - | $53M | $2B | Radiology Partners is the nation's largest radiology practice, providing diagnostic imaging services through owned and affiliated practices, headquartered in El Segundo, CA, founded in 2012 with over 3,600 employees in the HealthTech category. The company closed this investment alongside debt refinancing, reducing debt, extending maturities to 2028-2030, and retaining over $500M in cash liquidity for growth and innovation. Later developments include a 2024 $720M growth equity solidifying leadership, 2025 refinancing of $2.3B first-lien debt extending maturities to 2032, and S&P analysis estimating ~$1.6B net enterprise value at 5.5x projected EBITDA, amid high interest expenses and debt restructuring efforts. |
| Mar 2021 | Series A | - | $13M | $2B | Radiology Partners, the nation's largest radiology practice, provides diagnostic imaging services across more than 3,300 hospital and health care facilities in the U.S., employing over 3,600 physicians. The company, founded in 2012 and headquartered in El Segundo, CA, raised $720 million in a growth equity round from existing and new investors, exceeding its initial $300 million target. This financing, described as the second largest growth equity raise in the health care industry in the past two years at the time, allowed Radiology Partners to retain over $500 million for growth, innovation, clinical services expansion, technology, and AI capabilities, while reducing debt and extending maturities to 2028-2030. A separate $12.6 million venture round occurred on March 29, 2021, but lacked valuation details. The growth equity reached a $2 billion valuation. |
| Jul 2019 | Undisclosed stage | Starr Investment Holdings (lead) | $700M | $4B | Radiology Partners, the largest physician-led and physician-owned radiology practice in the U.S., received approximately $700 million in long-duration capital from Starr Investment Holdings on July 19, 2019, to support continued growth including practice and hospital partnerships, and investments in clinically-focused technology and innovation. RP physicians participated in the round. This followed prior equity raises of $234 million in March 2018 and $200 million in May 2017. At the time, Radiology Partners served more than 1,000 hospitals and healthcare facilities nationwide with around 1,400 radiologists across 21 states. The practice had recently expanded into markets like Las Vegas, Austin, Greensboro, Atlanta, and New Jersey/Pennsylvania, adding 30 new client sites and enhancing radiology consulting, IT, and revenue cycle management services. Starr Investment Holdings joined the board with Geoff Clark as a director alongside New Enterprise Associates' Mohamad Makhzoumi; the 11-member board is led by Chairman and CEO Rich Whitney and includes independent directors and physicians. Barclays advised RP financially, with Goodwin Procter as legal counsel; TripleTree and Kirkland & Ellis advised SIH. |
| Mar 2018 | Undisclosed stage | Future Fund (lead); New Enterprise Associates (lead) | $234M | - | Radiology Partners, a physician-led and physician-owned radiology practice based in El Segundo, California, closed a $234 million growth equity funding round in 2018, led by New Enterprise Associates (NEA) and Future Fund. The capital was intended to support continued growth, including scaling operations, investing in evidence-based clinical programs, and expanding into existing and new markets. Chairman and CEO Rich Whitney highlighted the investors' belief in the company's mission to impact the radiology field through physician alignment and financial support. This 2018 round positioned Radiology Partners for further expansion as the nation's largest radiology practice, serving over 3,300 hospital and healthcare facilities. Subsequent financings included a $700 million investment from Starr Investment Holdings in July 2019, which supported practice and hospital partnerships, technology, and innovation, with SIH joining the board alongside NEA representative Mohamad Makhzoumi. Later, in February 2024, Radiology Partners raised approximately $720 million in growth equity from existing and new investors, retaining over $500 million for growth and AI investments, alongside debt refinancing to extend maturities to 2028-2030. The company emphasized its leadership in radiology, focusing on clinical advancements, technology, and AI to transform patient care and serve healthcare providers. |
| May 2017 | Undisclosed stage | Future Fund (lead); New Enterprise Associates (lead) | $200M | - | Radiology Partners, the nation's largest physician-led and physician-owned radiology practice, raised $200 million in equity in May 2017 from investors including New Enterprise Associates (NEA) and the Australian sovereign wealth Future Fund. This funding supported the company's rapid expansion across the U.S., providing radiology services to hospitals and outpatient facilities in all 50 states. Prior to later rounds, ownership was split with physicians holding about 33% and investors like NEA, Future Fund, and Whistler Capital owning the balance. The 2017 round followed an earlier $60 million investment from NEA in 2012, which helped establish Radiology Partners as a major player in consolidated radiology services. Both Future Fund and NEA acted as lead investors in this growth equity investment, enabling further acquisitions and operational scaling. Subsequent financings built on this momentum, including a $234 million equity raise in March 2018 led by NEA and Future Fund, and a $700 million investment from Starr Investment Holdings in 2019. These later rounds underscored Radiology Partners' leadership in radiology, with expansions into new markets like Las Vegas, Austin, Greensboro, Atlanta, and New Jersey/Pennsylvania, plus additions in consulting, IT, and revenue cycle management. The company grew to employ over 3,600 physicians serving 3,300 sites. More recent activity includes a $720 million growth equity raise in February 2024 from existing and new investors, which reduced debt, extended maturities to 2028-2030, and provided over $500 million in cash for growth, AI, and clinical services. Cumulative funding reached approximately $2.1 billion across 14 rounds, with NEA as a consistent backer. Radiology Partners focuses on high-quality care, technology integration, and value delivery to healthcare providers. |
| May 2014 | Pre-seed | - | $500K | - | - |
Who has invested in Radiology Partners?
3 investors have backed Radiology Partners across its funding rounds, including New Enterprise Associates, Future Fund and Starr Investment Holdings.
Lead investors include Starr Investment Holdings, Future Fund and New Enterprise Associates.
Radiology Partners Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Lead | May 2017 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Radiology Partners
Radiology Partners has acquired 6 companies to date.
Last acquisition by Radiology Partners was on August 25th 2026. Radiology Partners acquired Everlight Radiology for $1B.
Latest Acquisitions by Radiology Partners
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Cognita Imaging | MEDNAX Radiology Solutions | ||||
| Description | - | Everlight Radiology is a teleradiology provider that reports medical imaging for hospitals, clinics and radiology practices. It supplies after-hours urgent reporting and sub-specialty routine reporting to more than 250 client sites in Australia, the UK, New Zealand and Ireland through a network of around 500 radiologists. It is dual-headquartered in London and Sydney and charges per study reported. | Cognita Imaging is a healthtech firm developing imaging solutions for medical diagnostics and patient care advancements. | MEDNAX Radiology Solutions is a teleradiology network comprising over 300 subspecialist radiologists providing 24/7 preliminary reads and final interpretations for hospitals in 20 U.S. states. Headquartered in Sunrise, Florida, it supports night shifts and stroke protocols using PACS integration with systems from GE and Philips. As a division of Pediatrix since 2018, it processes 2 million studies annually, focusing on neuroradiology, musculoskeletal, and pediatric imaging for rural emergency departments. | |
| HQ Country |  |  | | | |
| HQ City | - | London | San Francisco, CA | Stamford, CT | |
| Deal Date | 25 Aug 2026 | 25 Aug 2026 | 17 Nov 2025 | 10 Sep 2020 | |
| Valuation | $1B | $1B | $80M | $885M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Radiology Partners Competitors
Radiology Partners competitors include listed companies like Detection Technology, Butterfly Network, Vimian Group and Alamar Biosciences, and private ones like NantOmics and United Imaging Intelligence.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Finland | Publicly listed | $116M | $11M | $128M | 0.9x | |
| United States | Publicly listed | $98M | ($73M) | $2.1B | 17.6x | |
 Sweden | Publicly listed | $489M | $119M | $1.9B | 4.0x | |
| United States | Publicly listed | $74M | ($27M) | $2.2B | 19.1x | |
| Los Angeles, CA | Private | - | - | $1.7B | - | |
 Shanghai | Private | - | - | $1.4B | - |
Radiology Partners Public Comps
Radiology Partners is still privately-owned, but its public comps include Butterfly Network, Vimian Group, Alamar Biosciences, Fleury, Diagnostyka, NeoGenomics, Ramsay Santé, Sinocare, SonoScape and Castle Biosciences.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $98M | ($73M) | 20.6x | 17.6x | (27.5x) | (93.5x) | |||
| $489M | $119M | 4.4x | 4.0x | 17.9x | 14.4x | |||
| $74M | ($27M) | 27.3x | 19.1x | (74.8x) | (42.3x) | |||
| $1.6B | $399M | 1.8x | 1.7x | 7.3x | 6.6x | |||
| $637M | $154M | 2.8x | 2.5x | 11.6x | 10.5x | |||
| $727M | ($48M) | 3.9x | 3.7x | (59.8x) | 53.8x | |||
| $6.2B | $720M | 0.9x | - | 8.0x | - | |||
| $695M | $43M | 1.9x | 1.8x | 31.0x | 15.3x | |||
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Common questions about Radiology Partners
| When was Radiology Partners founded? | Radiology Partners was founded in 2012. |
| Where is Radiology Partners headquartered? | Radiology Partners is headquartered in Los Angeles, CA, United States. |
| Is Radiology Partners publicly listed? | No, Radiology Partners is a private, VC-backed company. |
| What is Radiology Partners' valuation? | Radiology Partners was last valued at $2B in its undisclosed-stage round in February 2024. |
| How much funding has Radiology Partners raised? | Radiology Partners has raised $2B across 8 funding rounds. |
| What was Radiology Partners' last funding round? | Radiology Partners' last funding round was a $720M undisclosed-stage round in February 2024. |
| Who are Radiology Partners' investors? | Radiology Partners' investors include New Enterprise Associates, Future Fund and Starr Investment Holdings. |
| What is Radiology Partners' revenue? | Radiology Partners' latest recorded revenue is $2B (February 2024). |
| What is Radiology Partners' revenue multiple? | Radiology Partners' latest valuation implies a 1.0x revenue multiple ($2B valuation on $2B of revenue). |
| Which companies are comparable to Radiology Partners? | Companies comparable to Radiology Partners include Detection Technology, Butterfly Network, Vimian Group, Alamar Biosciences, NantOmics and United Imaging Intelligence. |
| How many companies has Radiology Partners acquired? | Radiology Partners has acquired 6 companies, including Everlight Radiology, Everlight Radiology, Cognita Imaging, MEDNAX Radiology Solutions and Advanced Diagnostic Imaging. |
| What was the largest acquisition by Radiology Partners? | The $1B acquisition of Everlight Radiology in August 2026 is the largest acquisition Radiology Partners has made to date. |
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