Diaceutics raises £3.75m to support global expansion

Diaceutics raises £3.75m to support global expansion
(L-R) Andrew Gowdy, Senior Portfolio Manager, WhiteRock Capital Partners; Peter Keeling, CEO, Diaceutics; and Clive Lennox, Director of Irish Business Development, Silicon Valley Bank. Credit: Press Eye/Darren Kidd

Diaceutics, which improves patient outcomes via better diagnostic testing, has raised £3.75 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.

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.

The company recently formed 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 and Silicon Valley Bank, Diaceutics will continue its accelerated growth path and increase its international reach.

“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,” said Diaceutics CEO, Peter Keeling.

“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.”