Medtech provider Diaceutics raises €4.3m to support global expansion drive
Irish medtech Diaceutics firm has raised €4.3m in mezzanine financing to help increase its global footprint and accelerate product development.
The Dundalk-based company, which uses diagnostics intelligence to connect patients to the right drugs, intends to invest in the data analytics services it provides to pharmaceutical clients.
WhiteRock Capital Partners, which works with businesses with export potential, and Silicon Valley Bank were the two partners involved in the financing.
Andrew Gowdy, Senior Portfolio Manager, WhiteRock Capital Partners said that 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."
Set up in 2005 by Peter Keeling (CEO), Diaceutics is based in the Regional Development Centre at Dundalk Institute of Technology in Co Louth.
The firm, which boasts an annual turnover of €9m, and has offices in Belfast and New Jersey in the US and employs 55 staff.
Growing its existing internal team of experts to continue improving diagnostic testing is part of Diaceutics' growth plan.
The company intends to bring employment at the company to 100 before the end of 2018.
Mr Keeling said "the focus has always been, and will continue to be, helping patients benefit from better testing".
"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."
Diaceutics experienced revenue growth of 60pc year-on-year in 2017 and aims to reach $40m revenue by the end of 2020.