Digital pathology company Deciphex has closed an $11.5 million (€10.9 million) Series B funding round.
The Irish company develops software and artificial intelligence to accelerate the delivery of pathology services, increasing efficiency for pathologists and potentially improving patient outcomes.
The funding, which was led by ACT Venture Capital with participation from Charles River Laboratories, Novartis, IRRUS Investments, Nextsteps Capital, HBAN Medtech Syndicate and other current investors, will be used to drive its global growth and build out its network of pathologists. The company will also support the launch of its online Diagnexia clinical pathology service in the United States and target continued growth in the UK, Canada and Middle East.
“This funding is an important milestone for the business in its ambition to use Digital Pathology and AI to network and accelerate the world’s clinical and non-clinical pathologists,” said Donal O’Shea, chief executive. “At Deciphex we’re continuously working to provide better solutions for world-class pathology care and better patient outcomes.”
Founded in 2017, the company has helped to drive traction in the research pathology market, with many of the world’s biggest pharmaceutical companies and contract research organisations using its Patholytix digital pathology platform.
“The ongoing support from our long-term investors along with the addition of new strategic partners reaffirms the value we are bringing to the pathology community and the ambition of our future growth plans’’ Mr O’Shea said.
Deciphex's chief medical officer Prof Runjan Chetty said the re had been an exponential increase in the number of hospitals using or looking to use digital pathology in the last two to three years.
The technology could play an important role is dealing with increasing volumes and complexity, while pathologist numbers are declining.
“Pathologists expertise is a crucial input across healthcare, from product development through to clinical delivery. Deciphex has built a platform to support and enhance pathologists’ capability to deliver their skills at scale,” said John O’Sullivan, general partner of Act Venture Capital.