Dundalk-based firm Diaceutics has announced that it has raised €4.3 million in financing from two partners.
The money will be used to support the organisation’s continued global expansion.
The diagnostic commercialisation company that improves patient outcomes via better diagnostic testing, received the funding from WhiteRock Capital Partners and Silicon Valley Bank.
A spokesperson for the company, which is based in the Regional Development Centre at DkIT said: "Specifically, 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.
"A recent analysis of Diaceutics testing data revealed that, globally, over 150,000 cancer patients are missing out on potentially life-saving therapies due to substandard diagnostic testing. By investing in expanding their data sources, and continuing to build expertise in oncology and general medicine disease areas, Diaceutics will further enable pharmaceutical clients to more effectively commercialise targeted medications. The results will deliver enhanced diagnostics and more effective treatment for patients."
Over the last three years, the company has experienced revenue growth of 60% year-on-year. In 2017, it achieved revenue of $10 million and aims to reach $40 million revenue by the end of 2020. Moreover, the organisation currently works with 31 out of the world’s top 35 pharmaceutical companies.
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.
By working with WhiteRock Capital Partners – which works with businesses with export potential – and Silicon Valley Bank – which enables companies across the areas of technology, healthcare and data to access emerging markets across the globe – Diaceutics will continue its accelerated growth path and increase its international reach.
Speaking about the new partnerships, 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."
Andrew Gowdy, Senior Portfolio Manager, WhiteRock Capital Partners, added: "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."
These sentiments were echoed by Clive Lennox, Director of Irish Business Development, Silicon Valley Bank, who 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.”