25 January 2023. Dublin, Ireland. Deciphex, a leading provider of pathology software and services, announced today a further €3.9m in funding bringing its full Series B round tally to €15m.
The additional investment, led by Seroba Life Sciences and existing Deciphex investors, will allow Deciphex to continue developing its innovative products and services, to expand its presence in the UK, Canada, the Middle East and the US, and to strengthen its position as a leader in the field of digital pathology and AI. Jennifer McMahon, a partner with Seroba, will join the Board of Deciphex.
With people living longer and populations increasing, the need for high-quality, reliable Diagnosis has increased exponentially. Global pathology capacity cannot increase substantially enough to keep pace with demand. Chronic issues in Pathology such as burgeoning patient wait times, recruitment, demand for expertise and diagnostic complexity has necessitated innovative solutions for optimal patient care.
The recent spike in clinical and non-clinical digital pathology use combats the manual and subjective aspects of the previous standard of care while giving Pathologists and laboratories the enhanced tools they need to keep up with the expanding cancer burden.
Pathology is the hidden engine room of medical treatment and touches 95% of clinical pathways. Bottlenecks in this area cause increasing delays in disease diagnosis, status, progression and ultimately patient care. Digital Pathology innovations are increasingly being implemented to relieve these constraints and reduce wait times from weeks or months to hours and days.
Deciphex offers a range of services for clinical and research pathology, including its Patholytix platform for research pathology. Its Diagnexia clinical service, which provides remote subspecialty pathology services. The company’s solutions have already been adopted by leading research organizations and pharmaceutical companies, and its products are trusted by customers around the world.
Donal O’Shea, CEO of Deciphex, said: “This additional investment will allow us to continue to grow and innovate, solidifying our position as a leader in the field of pathology. We are committed to helping pathologists deliver the best possible care to patients through the use of cutting-edge technology.”
“Seroba is one of the foremost European life sciences venture capital firms with proven life science industry expertise. It’s an exciting point in the growth of Deciphex and Seroba’s complementary skill sets and operational industry experience will allow us to significantly accelerate our growth targets and meet current demand” he adds.
Deciphex are seeing a ten fold increase in demand quarterly and this strategic investment will allow them to grow their capacity, increase headcount, further improve services and expand into new global markets.
Deciphex launched its Diagnostics as a service platform, Diagnexia in the United States in September 2022. Diagnexia is the first fully digital, subspeciality-led, remote diagnostic & consult service. The platform connects laboratories to an international network of subspeciality pathologists, who can provide their expertise on clinical cases, while vastly reducing turnaround times and ensuring delivery of the highest quality of patient care.
In December 2022, Deciphex introduced digital pathology review and scoring in a single platform for the first time. This game-changing research platform Patholytix 3.0 means that Research Pathologists can now review and score non-clinical studies on a single platform, resulting in faster pathology reviews, with less risk of error.
Jennifer McMahon, partner at Seroba, added: “Deciphex is at the forefront of the digital pathology and AI revolution. We were impressed by the Team’s ability to develop solutions for both clinical and preclinical pathology. As life science investors, we believe that Deciphex has the capacity to transform the field, benefiting patients worldwide.”
Ends.
About Deciphex:
Deciphex is an Irish-based software company focused on developing digital pathology-based software and services for clinical and research pathology. The company’s aim is to network and accelerate the work of pathologists around the world.
About Seroba:
Seroba is a European life sciences venture capital firm based in Dublin and Paris. We focus on value creation through backing cutting-edge innovation that will transform the treatment of unmet medical needs. Our team has deep industry and operational experience and an extensive global network. We like to work with entrepreneurs who share our passion for success and our dedication to improving human health. Seroba – Investing in Science, Investing in Life.