A BELFAST-based global data analytics firm has raised £3.75 million to support its continued expansion.
Diaceutics, which is headed by Belfast man Peter Keeling, has secured mezzanine financing from two partners, WhiteRock Capital Partners and Silicon Valley Bank. The funding will allow the company 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.
Diaceutics connects patients to the right diagnostic test so they can get personalised medicine to treat or cure their condition first time. Working with 31 out of 35 of the world’s largest pharmaceutical companies the business, founded in 2005, now has a revenue of $10m and offices in Belfast, Dundalk and New Jersey. It aims to reach $40 million revenue by the end of 2020.
Diaceutics CEO, Peter Keeling said the new finance deal will help patients benefit from better testing.
“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.”
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.
Senior portfolio manager at Whiterock Capital Partners, Andrew Gowdy 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.”
