Diaceutics raises £3.75M from WhiteRock Capital Partners and Silicon Valley Bank to support global expansion
Diaceutics, the diagnostic commercialization company that improves patient outcomes via better diagnostic testing, today announces that it 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 organization’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 commercialize 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 organization currently works with 31 of the top pharmaceutical companies across the world. 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 the