Dublin-based Deciphex raises €10m to expand to new markets

16 Oct 2023

One of the buildings at DCU's Alpha campus, where Deciphex's Dublin office is located. Image: Deciphex

Deciphex plans to use the fresh funding from Claret Capital Partners to improve its pathology platform.

Deciphex, a pathology and AI start-up, has raised €10m in venture debt financing to expand its services and grow its team.

The funding came from Claret Capital Partners, a London-based growth financing company that claims to have €600m in managed assets and more than 160 companies in its portfolio.

Last year, Claret raised nearly €300m to fund European start-ups in the technology and life sciences sectors, supported by contributions from AIB and the Ireland Strategic Investment Fund.

Claret senior partner David Bateman said the company expects its investment in Deciphex to have “far-reaching impacts” for the future of digital pathology.

“The company’s relentless dedication to innovation and excellence, and its unique approach to leveraging AI, position it at the forefront of the industry,” Bateman said. “We look forward to supporting Deciphex as it continues to break new ground and set new standards in pathology services.”

Deciphex has created a platform for on-demand access to remote experts for pathology consulting services. This virtual service – Diagnexia – was first launched at the end of 2021 and has since been used by international healthcare providers including the UK’s national health service.

Founded in 2017, the start-up has also developed a digital pathology workflow and integrated AI platform for research pathology. Deciphex plans to use the latest batch of funding to boost its capacity growth and enhance its services.

“This financing is a pivotal step for us in our mission to transform pathology through digital innovation,” Deciphex CEO Donal O’Shea said. “It will enable us to empower more pathologists, improve service delivery and contribute significantly to enhanced patient care and expedited drug development.”

The start-up is based in the Dublin City University (DCU) Alpha campus, with additional offices in the UK and the US. Last month, Deciphex partnered with Xybion Digital to integrate their platforms.

At the start of 2023, Deciphex raised €3.9 in additional Series B funding to boost its expansion plans. Combined with the previous funding last May, this raised the start-up’s total Series B funding to €14.4m.

The start-up’s growth plans follow an investment boost in 2020, when it secured €5.45m in a Series A round backed by Enterprise Ireland as well as a number of Irish and US investors working in the fields of life sciences and diagnostics.

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Leigh Mc Gowran is a journalist with Silicon Republic