Diaceutics, an Irish medtech startup, has raised €4.3 million in mezzanine financing from WhiteRock Capital Partners and Capital Partners.
Through this mezzanine funding round the investors have provided capital in the form of debt with the option to convert to equity.
The Dundalk-based company develops data-driven diagnostics tools for the pharmaceutical and medical sectors, mostly in cancer diagnostics. This new round of funding will be invested in improving the product’s data analytics services as well as growing its team of data experts. It is also working with Intel and Lenovo on a project using artificial intelligence to improve its diagnostics.
The new funding will help the company improve its international reach, it said in a statement.
“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 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.”
The company had revenues of $10 million in 2017, a growth of 60% year-on-year, and is targeting $40 million by 2020.