Andrew Gowdy, Senior Portfolio Manager, WhiteRock Capital Partners; Peter Keeling, CEO, Diaceutics and Clive Lennox, Director of Irish Business Development, Silicon Valley Bank. (Photo: Press Eye/Darren Kidd)
Diaceutics, the diagnostic commercialisation company that improves patient outcomes via better diagnostic testing, has raised €4.3 million to go towards its global expansion.
This funding will be specifically used to invest in data analytical services relating to pharmaceutical clients and the expansion of its global laboratory network.
Andrew Gowdy, Senior Portfolio Manager, WhiteRock Capital Partners, commented: “Diaceutics is paving the way when it comes to precision medicine, transforming how patients are diagnosed and treated. Partnering with a company that is revolutionising healthcare and expanding at an incredible rate is very exciting.”
Clive Lennox, Director of Irish Business Development, Silicon Valley Bank, said: “Our aim is to work with innovators who are solving real-world problems and Diaceutics certainly delivers those solutions. We’re committed to supporting the burgeoning Irish technology market and we are thrilled to be involved with such a dynamic organisation as it takes the next step in its journey and expands out into a wider range of markets.”
Diaceutics will also look to grow its internal team of experts to deliver data analysis to improve patient diagnostic testing.
Analysis from Diaceutics reveals that 150,000 cancer patients are missing out on potentially life-saving therapies due to below-average diagnostic testing. The new funding will drastically help Diaceutics in producing better standards for clients and patients.
The company has experienced revenue growth of 60% year-on-year. Last year it achieved $10 million and aims to reach $40 million revenue by the end of 2020.
It also works with 31 out of the top 35 pharmaceutical companies in the world and recently announced a partnership with Intel and Lenovo to utilise artificial intelligence (AI) and machine learning to further improve the diagnosis and treatment of patients.
Peter Keeling, CEO, Diaceutics, said: “Our focus has always been, and will continue to be, helping patients benefit from better testing. Silicon Valley Bank and WhiteRock Capital Partners have been hugely supportive of this vision and we are delighted to have them as partners at the table.
“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.”