Diaceutics has announced an investment of £1m ($1.1m) to expand and enhance its data lake by acquiring another 16 million patient records a year.

Using Diaceutics’ proprietary software, the patient data gets acquired via new partnerships with a number of reference laboratories, academic institutions, payers and data providers from Asia, Europe, UK and the US.

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According to the company, the investment will enable regular data transfers from laboratory partners that will eventually improve its service to pharma clients.

The investment also widens the company’s geographic scope of data to provide vital insights for pharmaceutical companies and serve patients better.

Diaceutics chief innovation officer Ryan Keeling said: “Precision medicine is revolutionizing patient healthcare. However, its impact is held back by the fragmented patient testing landscape at a patient and disease level – burdened by ineffective testing, slow turnaround times and inconsistent uptake.

“We are expanding our global data lake to further increase the granularity, frequency and concentration of data, which is vital for pharmaceutical companies looking to make strategic and tactical decisions relating to the rollout of their precision therapies.

“We are transforming an industry model by helping pharma companies interpret this mass of data, translate it into seamless testing globally and ultimately drive better patient outcomes through better access to these often life-changing medicines.”

In March this year, Diaceutics announced its initial public offering (IPO) on the AIM market. The company plans to allocate £5.5m ($6.1m) of the net proceeds from the IPO towards the acquisition of additional data sets to boost its proprietary data lake.

The latest investment is the first phase of the £5.5m ($6.1m) investment.

Northern Ireland-based Diaceutics is a diagnostics data analytics and implementation services company. It has an expertise of more than 300 precision medicine projects and works with over 30 pharmaceutical companies.