Deciphex crowned Irish medtech company of the year

8 Dec 2023

From left: Jennifer McMahon and Donal O’Shea. Image: Deciphex

Based in the DCU Alpha campus, Deciphex recently raised €10m to expand its services and grow its team.

Deciphex, a pathology start-up based in Dublin, has been declared Medtech Company of the Year at an awards ceremony last night (7 December) for its AI diagnostic platform.

Awarded by the Irish Medtech Association, the Ibec group that represents the sector, the accolade recognises the work Deciphex has been doing in developing a digital and fully remote expert pathology service that “eliminates” the need for physical samples to be transported miles for diagnoses and “dramatically” reduces wait times.

“Not only is it benefiting patients in Europe, it is also addressing global healthcare disparities in low- and lower-middle income countries such as Trinidad and Tobago and Kenya,” said Dr Eoghan Ó Faoláin, director of the Irish Medtech Association.

This virtual service which gives on-demand access to remote pathology experts is called Diagnexia and 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 is based in the Dublin City University (DCU) Alpha campus and recently raised €10m to expand services and grow its team.

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

It also secured €5.45m in a Series A round in 2020 backed by Enterprise Ireland and a number of Irish and US investors working in the fields of life sciences and diagnostics.

Other winners of the Irish Medtech Awards, which was co-hosted by IDA Ireland and Enterprise Ireland, include Nua Surgical (Emerging Medtech Company of the Year), Symphysis Medical (Collaboration in Medtech Award), Croom Medical (Partner/Supplier of the Year) and 3M Healthcare (Best Diversity and Representation Company Initiative).

Deciphex also bagged the Digital Health Innovation of the Year Award, while Aerogen was recognised for its talent strategy, Merck for its process-product innovation and Medtronic Vascular Galway for sustainability.

Cerenovus, a Johnson & Johnson medtech business based in Galway, was the winner of the Medtech Company of the Year Award last year.

10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.

Vish Gain is a journalist with Silicon Republic