Dublin-based Deciphex raises €3.9m to grow its pathology platform

25 Jan 2023

Seroba Life Sciences partner Jennifer McMahon and Deciphex CEO Donal O’Shea. Image: Deciphex

The new funding brings Deciphex’s total Series B funding to €14.4m, as it plans to meet growing international demand.

Pathology and AI start-up Deciphex has raised an additional €3.9m in funding to boost its expansion and develop its services.

The additional Series B funding was led by Seroba Life Sciences and included funds from existing Deciphex investors. Combined with the previous funding last May, this raises the start-up’s total Series B funding to €14.4m.

Deciphex plans to use the new investment to grow its headcount and expand its presence in the UK, Canada, the Middle East and the US, while it continues to develop digital pathology and AI services.

The Dublin-based start-up 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.

Deciphex said their platform provides support to understaffed pathology departments that don’t have experts available for every sub-specialty. The virtual pathology service was launched in the US last September.

Founded in 2017, Deciphex has also developed a digital pathology workflow and integrated AI platform for research pathology.

The start-up said it has received a tenfold increase in demand quarterly, which it aims to meet through further expansion and product development.

“We are committed to helping pathologists deliver the best possible care to patients through the use of cutting-edge technology,” said Deciphex CEO Donal O’Shea.

“It’s an exciting point in the company’s growth and [Seroba’s] complementary skill sets and operational industry experience will allow us to significantly accelerate our growth targets and meet current demand.”

As part of the investment, Seroba partner Jennifer McMahon will join the Deciphex’s board of directors. She said the start-up is “at the forefront of the digital pathology and AI revolution”.

“We believe that Deciphex’s innovative solutions will have a significant impact on the field of pathology, improving diagnostic quality and productivity,” McMahon said.

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