Irish medtech firm Diaceutics has raised €4.3m in funding to help it continue its international expansion. The Dundalk-headquartered firm was founded in 2010 and specialises in diagnostic testing for pharma companies.

Diaceutics is sourcing the €4.3m funding from WhiteRock Capital Partners and Silicon Valley Bank. The firm, which says it recorded revenue of more than €8m in 2017, will use the finance to invest in its data analytics services, as well as expand its global laboratory network. It is also planning to hire more staff.

Diaceutics works with most of the top pharma companies and recently announced a partnership with Intel and Lenovo to use artificial intelligence to improve patient diagnoses.

The Dundalk firm also has offices in the UK (Belfast) and the US. Diaceutics was founded by Peter Keeling, who previously worked in GSK and Diagnology.

According to its most recent account filings, Diaceutics Ireland Ltd recorded turnover of €2m in 2016 and booked a net profit of €1.1m. Nine staff were on the payroll for the firm’s Irish operations – Diaceutics currently employs more than 50 across the business.

In Association with

Diaceutics’ parent company is UK-registered and had net worth of £482,000 in 2016. Peter Keeling accounted for around 36% of the parent company’s shareholding in 2016.

Speaking about the new finance secured, Keeling (CEO) said that Diaceutics’ focus is on helping 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.”

Photo: Peter Keeling (centre), with WhiteRock Capital Partners’ Andrew Gowdy (left) and Clive Lennox, Silicon Valley Bank (Pic: Press Eye/Darren Kidd)