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Irish AI-based Digital Pathology Firm Deciphex Raises $11.5M in Series B Financing

NEW YORK ─ Digital pathology firm Deciphex on Thursday announced it has closed an $11.5 million Series B financing round and will use the funding to enhance its Patholytix research pathology platform, launch its Diagnexia online clinical diagnostics service in the US, and support expansion in the UK, Canada, and the Middle East.

Act Venture Capital led the financing round, with participation from Charles River Laboratories, Novartis, Irrus Investments, Nextsteps Capital, and Hban Medtech Syndicate. 

Dublin-based Deciphex said that since its founding in 2017, the company has seen traction in research markets with the adoption of its Patholytix digital pathology platform by pharmaceutical companies and contract research organizations.

In 2020, the company inked a strategic partnership with Charles River Laboratories International, a preclinical CRO, to codevelop AI tools to accelerate drug safety assessment, and in the fourth quarter of 2021, Deciphex launched its clinical diagnostics service Diagnexia to provide access to remote subspecialty clinical pathologists for primary diagnostics and secondary consult services.

The firm noted it is a member of Bigpicture, a European Union-funded initiative to build a central repository of digital pathology slides to enable the development of artificial intelligence technology.

In 2020, Deciphex partnered with Cernostics to study the use of AI-based image analysis for the early detection of cancer in Barrett's esophagus patients.