Digital pathology company Deciphex has raised $32.3 million (€31 million) from investors in a new funding round that will help fuel its global expansion.
The company secured backing for its Series C round from Molten Ventures, with significant participation from ACT Venture Capital, Seroba, Charles River Laboratories, IRRS Investments, HBAN Medtech Syndicate and Nextsteps Capital.
Deciphex develops software and artificial intelligence to accelerate the delivery of pathology services, increasing efficiency for pathologists and potentially improving patient outcomes. It has been rapidly growing capabilities in the pathology computer aided diagnostics sector.
The application of such can help reduce wait times for patients, ultimately leading to improved productivity and better outcomes.
It intends to use the funding to improve and enhance its core platforms, further its reach in the US, UK, EU, Canada and Japan, and meet the growing demand for digital pathology services.
Deciphex will also continue to strengthen its strategic partnerships with industry leaders such as Novartis and Charles River Laboratories, and continue to enhance its capabilities to expand its services to clients in the pharma, biotech and contract research markets.
What’s in store for 2025?
“This investment accelerates our mission to transform global pathology access. Our ergonomic, AI-enabled platform enhances diagnostic workflow and accuracy – allowing experts to clear backlogs faster without compromising quality,” said Donal O’Shea, founder and chief executive of Deciphex.
“By expanding this technology worldwide, we’re not just improving healthcare efficiency, we’re supporting both the pathologists who drive diagnoses and the patients who depend on them.”
Founded in 2017, the company has helped to drive traction in the research pathology market, with many of the world’s biggest pharmaceutical companies and contract research organisations using its Patholytix digital pathology platform.
Its technology could play an increasingly important role in dealing with increasing volumes and complexity of cases, while pathologist numbers are declining and waiting lists continue to lengthen.
Two years ago, it raised an additional €3.9 million as part of its Series B funding round, bringing the total for the round to €14.4 million.
“Deciphex is tackling one of healthcare’s most pressing issues. By supporting pathologists with AI tools that enhance efficiency without sacrificing accuracy, Deciphex offers a much-needed solution to the diagnostic burden facing pathologists around the world,” said Inga Deakin, principal at Molten Ventures.
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