Deciphex Raises $11.5M in Series B Funding

Donal O'Shea, Chief Executive Officer, Decipher
Donal O’Shea, Chief Executive Officer, Decipher

Deciphex, a Dublin, Ireland-based provider of pathology software and services, closed a $11.5m Series B funding round.

The round was led by ACT Venture Capital, with participation from Charles River Laboratories, Novartis, IRRUS Investments, Nextsteps Capital, HBAN Medtech Syndicate and other current investors. 

Led by Donal O’Shea, Chief Executive Officer, and Prof. Runjan Chetty, Chief Medical Officer, Decipher is a software company focused on developing digital pathology-based software and services for clinical and research pathology. In Q4 2021, the company launched its novel clinical diagnostics service, Diagnexia. Diagnexia is an online clinical pathology department that provides global, on-demand access to remote subspecialty clinical pathologists for primary diagnostics and secondary consult services, supporting the achievement of faster case turnaround times and delivery of the highest quality of patient care. 

The company intends to use the funds to continue driving global growth and to consolidate its position as a leader in clinical and non-clinical pathology, through the use of digital pathology and artificial intelligence (AI), with particular focus on enhancing its Patholytix research pathology platform and the launch of its Diagnexia clinical service in the United States, along with supporting ongoing expansion in the UK, Canada, and Middle East.

In March 2020, the company signed a key strategic partnership with a global, preclinical CRO, Charles River Laboratories, International Inc. Pertaining to the co-development of AI tools to accelerate drug safety assessment.  Deciphex  is also a key member of BigPicture, a major EU funded initiative to build the world’s biggest central repository of digital pathology slides to boost the development of AI.