Rich Whitney, chief executive of El Segundo's Radiology Partners

Rich Whitney, chief executive of El Segundo's Radiology Partners

El Segundo-based medical imaging firm Radiology Partners Inc. announced it raised $700 million in equity funding from Starr Investment Holdings.

Radiology Partners will use the funds to move to a new office in El Segundo and hire physicians and technical staff, said Chief Executive Rich Whitney.

“We're going to continue to invest in growing the leadership position we've established, by partnering with more practices as well as investing in technology, infrastructure and new clinical and client service capabilities,” Whitney said.

He also said Radiology Partners may use some capital to acquire medical imaging startups that align with its business model.

Whitney said the firm’s use of the funding “is likely to include both investing internally and can also involve external partnerships.”

Starr Investment Holdings takes an ownership stake in Radiology Partners following this round, becoming a co-owner alongside existing backer New Enterprise Associates, a Chevy Chase, Md.-based venture firm.

Radiology Partners was founded in 2012 and has raised roughly $2.4 billion to date, according to industry tracker PitchBook Data Inc.

Tech reporter Samson Amore can be reached at samore@labusinessjournal.com or (323) 556-8335. Follow him on Twitter @samsonamore.

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