It was announced this week that Irish tech company, Diaceutics, 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.
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.
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.
Diaceutics 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, CEO of Diaceutics, Peter Keeling 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."