Pathology is heading for a crunch point due to increasing volumes, increasing complexity and flat to declining pathologist numbers. Clinical pathologists are limited assets worldwide, and their number is predicted to significantly decrease over the next ten years. 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 tools they need to keep up with the expanding cancer burden.
To combat the situation, Irish pathology software and services company Deciphex raised $11.5 million in funding. The Series B round was led by ACT Venture Capital, with Charles River Laboratories, Novartis, IRRUS Investments, Nextsteps Capital, HBAN Medtech Syndicate and other current investors also participating.
The company plans to consolidate its position in boosting clinical and non-clinical pathology. It will further boost the Patholytix research platform further and launch Diagnexia clinical service in the U.S., along with expansion in the U.K., Canada, and Middle East.
Founded in 2017, the startup uses digital pathology and AI to accelerate pathology diagnostics, improving productivity and patient outcome.
Donal O'Shea, CEO of Deciphex, said: “We aim to use digital pathology and AI to network and accelerate the world’s clinical and non-clinical pathologists.”
John O’Sullivan, general partner of Act Venture Capital, added: “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.”
The company last year had launched clinical diagnostics service, Diagnexia. The online clinical pathology department provides global, on-demand access to remote subspecialty clinical pathologists for primary diagnostics and secondary consult services, supporting the achievement of faster case turnaround times and delivery of the highest quality of patient care.