Irish digital pathology startup Deciphex extended its series B round to €14.4 million after raising €3.9 million led by Seroba Life Sciences and its existing investors.
In conjunction with the extended series B round, Seroba partner Jennifer McMahon is set to join Deciphex's board of directors.
Pathology labs perform forensic examinations of patient samples.
Patients are unlikely to have ever met their pathologist, but pathology insights determine their diagnosis and the specific cause and effect.
Pathology is the medical profession's "hidden engine room", Deciphex argues. An estimated 95% of clinical pathways rely on pathological data.
Yet the engine room is becoming stretched. Aging populations have prompted soaring demand and lengthy patient waiting lists. Each year brings new scientific knowledge that extends diagnostic complexity, further exacerbating the situation.
Digital pathology and AI imaging assistants could reduce the strain by giving pathologists greater clarity on each workload. Several regulatory approvals for digital pathology have been finalised in recent years, for instance US cancer pathology startup Paige, which said recently it's working alongside Microsoft's health tech unit.
Founded in 2017, Deciphex offers AI assisted digital pathology workflows to clinics, but also tools for pre-clinical pathology based on the same technology.
In the case of the latter, Deciphex launched a digital scoring system for reviewing pathology studies, Patholytix 3.0, at the tail end of last year. Digital benchmarking should let pathologists confirm novel data findings in confidence, helping innovations to market faster.
Leading pharma companies and contract research organisations are said to have embraced the software. Though Deciphex didn't name clients, pharmaceutical giant Novartis is one of its series B investors.
The startup's initial series B tranche came last May and raised €11.5 million from investors led by Dublin-based ACT Venture Capital.
Novartis made a contribution to the first tranche along with fellow series B investors Charles River Laboratories, a clinical research organisation (CRO), IRRUS Investments, Nextsteps Capital, and HBAN Medtech Syndicate, among others.
Deciphex's chief medical officer is Runjan Chetty, a South African anatomical pathologist whose previous appointments include tenures with University of Oxford and Toronto University in Canada.
Armed with the fresh series B funding, Deciphex now wants to solidify its digital pathology and AI market presence by bankrolling a further expansion in key geographies, including in the US/Canada and the Middle East, as well as its domestic UK presence. Proceeds will also help build out Deciphex's pathology software suite.
Donal O'Shea, Deciphex CEO, commented: "Seroba is one of the foremost European life sciences venture capital firms with proven industry expertise and sectorial experience.
"It’s an exciting point in the company’s growth and their complementary skill sets and operational industry experience will allow us to significantly accelerate our growth targets and meet current demand.
"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."
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