Irish diagnostic commercialisation company, Diaceutics, has announced that it has raised €4.3 million in new mezzanine financing from two partners, WhiteRock Capital Partners and Silicon Valley Bank. The money will be used to support the organisation’s continued global expansion.
Diaceutics will use the funding to invest in the data analytics services that it provides to pharmaceutical clients and continue to expand its global laboratory network. The company will also look to grow the internal team of experts to deliver data-driven insights designed to improve diagnostic testing that benefits patients.
Over the last three years, the company has experienced revenue growth of 60 per cent year-on-year. In 2017, it achieved revenue of $10 million and aims to reach $40 million revenue by the end of 2020. It recently announced a partnership with Intel and Lenovo to leverage artificial intelligence in a machine learning environment to further improve the diagnosis and treatment of patients.
Speaking about the new partnerships with WhiteRock Capital Partners and Silicon Valley Bank, Peter Keeling, CEO, Diaceutics, said: “We need to continually broaden our global data capabilities and insights; this mezzanine financing allows us to keep pace with our data collection and protection infrastructure while expanding globally. Furthermore, we are eager to continue diversifying beyond our expertise in oncology into general medicine areas, and provide our pharmaceutical clients with invaluable insights that help them ensure patients who can benefit from these precision drugs are indeed receiving them.”
Pictured above: Andrew Gowdy, Senior Portfolio Manager, WhiteRock Capital Partners; Peter Keeling, CEO, Diaceutics; and Clive Lennox, Director of Irish Business Development, Silicon Valley Bank.