Ireland-headquartered Deciphex, provider of pathology software and services, has picked up €3.9 million in an extension funding round. This round follows the €11.5 million round it raised in May 2022. With this, the total Series B funding raised by the company tallies to €14.4 million.
The additional investment was led by a European life sciences venture capital firm Seroba Life Sciences and existing Deciphex investors.
Deciphex will use the funds to continue developing its innovative products and services, to expand its presence in the UK, Canada, the Middle East and the US, and to strengthen its position as a leader in the field of digital pathology and AI. Furthermore, the company is seeing a ten-fold increase in demand quarterly.
In addition to the investment, Jennifer McMahon, a partner with Seroba, will join the Board of Deciphex.
Commenting on the extension round, Donal O’Shea, CEO of Deciphex, said: “This additional investment will allow us to continue to grow and innovate, solidifying our position as a leader in the field of pathology. We are committed to helping pathologists deliver the best possible care to patients through the use of cutting-edge technology.”
At the same time, Jennifer McMahon, partner at Seroba, added: “Deciphex is at the forefront of the digital pathology and AI revolution, and we are excited to be supporting the company as it continues to grow and expand. We believe that Deciphex’s innovative solutions will have a significant impact on the field of pathology, improving diagnostic quality and productivity.”
Addresses shortage in pathologists
With the longer lifespan of people and increased populations, the need for high-quality and reliable Diagnosis has increased exponentially. The global pathology capacity cannot increase to keep pace with demand. With the increase in burgeoning patient wait times, recruitment, demand for expertise and diagnostic complexity, there is a need for innovative solutions for optimal patient care.
While pathology plays an important role in medical treatment, bottlenecks in this area such as shortage cause increasing delays in disease diagnosis, status, progression and ultimately patient care. Eventually, digital pathology innovations are increasingly being implemented to relieve these constraints and reduce wait times from weeks or months to hours and days.
This is where Dublin, Ireland-based Deciphex comes to play. It offers a range of services for clinical and research pathology, including its Patholytix platform for research pathology. Its Diagnexia clinical service, provides remote subspecialty pathology services. The company’s solutions have already been adopted by leading research organisations and pharmaceutical companies.
AI to help pathologists work more efficiently
Deciphex was founded by Donal O’Shea and Mark Gregson in 2017. It is focused on developing digital pathology-based software and services for clinical and research pathology. The company’s aim is to network and accelerate the work of pathologists around the world.
It is a rapidly scaling player in the emerging pathology computer-aided diagnostics sector, that uses digital pathology and AI to accelerate pathology diagnostics and improve productivity and patient outcome.
Deciphex launched its Diagnostics as a service platform, Diagnexia in the US in September last year. Diagnexia is the first fully digital, subspeciality-led, remote diagnostic & consult service. It connects laboratories to an international network of subspeciality pathologists, who can provide their expertise on clinical cases, vastly reduce turnaround times and the delivery of the highest quality of patient care.
In December last year, Deciphex introduced digital pathology review and scoring in a single platform for the first time. This game-changing research platform Patholytix 3.0 lets Research Pathologists can now review and score non-clinical studies on a single platform, resulting in faster pathology reviews, with less risk of error.