Pathology software and service business Deciphex, with headquarters in Ireland, has received €3.9 million in an extension fundraising round. This round comes after the one in which it raised €11.5 million in May 2022. With this, the company has raised a total of €14.4 million in Series B capital.
Seroba Life Sciences, a European venture capital firm focused on the life sciences, and existing Deciphex investors led the extra investment.
The funds will be used by Deciphex to further develop its cutting-edge goods and services, to increase its market share in the US, the UK, Canada, and the Middle East, and to solidify its position as a pioneer in digital pathology and AI. The demand for the company’s products is also increasing tenfold quarterly.
Jennifer McMahon, a partner with Seroba, will also join the Deciphex Board in addition to the investment.
Donal O’Shea, CEO of Deciphex, commented on the extension round, saying: “This extra investment will help us to continue growing and innovating, confirming our position as a pioneer in the field of pathology. We are dedicated to assisting pathologists in providing patients with the finest care possible through the use of cutting-edge technologies.
At the same time, Jennifer McMahon, a partner at Seroba, added: “We are thrilled to be supporting the firm as it continues to grow and expand. Deciphex is at the vanguard of the digital pathology and AI revolution. We are confident that Deciphex’s cutting-edge technologies will have a big influence on pathology, raising diagnostic quality and output.
The demand for accurate and thorough diagnosis has grown enormously as populations and lifespans have increased. To meet demand, the world’s pathology capacity cannot grow. Innovative solutions are required for the best possible patient care because of the rising patient wait times, recruitment needs, need for expertise, and complexity of diagnostic procedures.
Even though pathology is crucial to medical care, bottlenecks in this field, such as a shortage, result in growing delays in disease diagnosis, status, progression, and ultimately patient care. Eventually, advances in digital pathology are being used more and more to do rid of these restrictions and shorten wait periods from weeks or months to hours or days.
Deciphex, situated in Dublin, Ireland, enters the picture here. In addition to its Patholytix platform for research pathology, it provides a variety of services for clinical and research pathology. Remote subspecialty pathology services are offered by its clinical Diagnexia service. Leading pharmaceutical businesses and research institutions have already used the company’s solutions.
Donal O’Shea and Mark Gregson established Deciphex in 2017. Its main objective is to create software and services for clinical and research pathology that are based on digital pathology. The company’s mission is to connect pathologists worldwide and expedite their work.
It is an up-and-coming player in the field of pathology computer-aided diagnostics, using digital pathology and artificial intelligence to speed up pathology diagnosis and enhance patient outcomes.
In September of last year, Deciphex introduced its Diagnostics as a Service platform, Diagnexia, in the US. The first entirely digital, subspecialty-led, remote diagnosis and consult service is called Diagnexia. It links labs to a global network of subspecialty pathologists who may contribute their knowledge to clinical cases, significantly shorten turnaround times, and provide the highest standard of patient care.
For the first time, digital pathology evaluation and grading were made available in a single platform by Deciphex in December of last year. Patholytix 3.0, a revolutionary research platform, now enables Research Pathologists to evaluate and score non-clinical studies on a single platform, leading to quicker and more accurate pathology evaluations.
Image Credit: Deciphex
