Deciphex raises £26m to expand pathology access

Pathology software and services company Deciphex has closed its Series C financing, raising $32.3 million (£26.1m) to advance its mission to expand access to high-quality pathology through a technology-enabled global network of pathologists.

The funding round allows Deciphex to expand across the US, UK, EU, Canada and Japan to meet the growing demand for digital pathology solutions and enhance access to  diagnostics and research services worldwide.

Donal O’Shea, founder and chief executive of Deciphex, said: “This investment accelerates our mission to transform global pathology access.

“Our ergonomic, AI-enabled platform enhances diagnostic workflow and accuracy – allowing experts to clear backlogs faster without compromising quality.

“By expanding this technology worldwide, we’re not just improving healthcare efficiency, we’re supporting both the pathologists who drive diagnoses and the patients who depend on them.”

The funding will also help to enhance Deciphex’s core platforms: Diagnexia, a global digital pathology network that expands subspeciality expertise and reduces diagnostic backlogs, and Patholytix, a preclinical platform that accelerates drug development through AI-powered workflows.

Deciphex will also use the cash injection to accelerate pathology AI foundational mode development. The company will leverage its extensive pathology image repository to develop pathology foundational models, improving both speed and accuracy for clinical and non-clinical application.

The funding will strengthen partnerships with industry leaders and improve its clinical research capabilities, enabling efficient clinical trials.

Molten Ventures led the funding round with significant participation from ACT Venture Capital, Seroba, Charles River Laboratories, IRRUS Investments, HBAN Medtech Syndicate and Nextsteps Capital.

Inga Deakin, principal at Molten Ventures, said: “Deciphex is tackling one of healthcare’s most pressing issues.

“By supporting pathologists with AI tools that enhance efficiency without sacrificing accuracy, Deciphex offers a much-needed solution to the diagnostic burden facing pathologists around the world.

“We’re thrilled to support Deciphex in bringing these critical diagnostic services to those who need it most.”

In January 2023, Deciphex secured €3.9m (£3.2m) funding to advance its digital pathology and AI services, which brought the total figure of the company’s full Series B funding round to €14.4m.

Deciphex announced in April 2023 that its UK digital pathology facility had expanded, tripling its capacity to meet the growing demand for digital pathology services.

The Deciphex Exeter Accession Facility is the central hub for the processing, digitisation and upload of all biopsies to the Diagnexia Platform, which connects hospitals and laboratories to an international network of subspecialty expert pathologists.