Deciphex, a Dublin-based AI-powered digital pathology startup, has secured €31 million in Series C funding. Molten Ventures (which backed PocDoc and CoachHub), a European venture capital firm led the round alongside participation from ACT Venture Capital, Seroba, Charles River Laboratories, IRRUS Investments, HBAN Medtech Syndicate and Nextsteps Capital.
The funding will advance Deciphex’s mission to democratise access to high-quality pathology through a technology-enabled global network of pathologists. This round follows the $11.5 million investment raised in 2022.
What challenge does it address?
With over 70% of healthcare decisions requiring pathology investigation and a widening gap between rising patient needs and declining pathologist numbers, healthcare systems face mounting backlogs globally. Deciphex’s products address this crisis through AI-powered digital pathology that enables pathologists to work up to 40% faster while maintaining diagnostic accuracy.
AI-powered digital pathology
Founded by Donal O’Shea in 2017, Deciphex aims to transform diagnostic workflows through AI-powered digital pathology to improve patient outcomes worldwide. Its two flagship platforms target distinct markets include Diagnexia, which connects global subspecialty pathologists for rapid diagnostics and backlog reduction and Patholytixm, which accelerates drug development through optimised preclinical safety assessments.
By automating routine tasks, these platforms enable pathologists to focus on complex cases while delivering faster, more reliable diagnoses. Through this combination of AI innovation and clinical expertise, Deciphex is advancing both healthcare delivery and therapeutic development.
The company is expanding across the US, UK, EU, Canada, and Japan to meet the growing demand for digital pathology solutions. It will use its extensive pathology image repository to develop pathology foundational models, improving both speed and accuracy. By expanding access to quality pathology services and reducing diagnostic delays, Deciphex is transforming patient care delivery worldwide.
Donal O’Shea, Founder and CEO of Deciphex, described the importance of this investment: “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.”
Inga Deakin, Investor at Molten Ventures, the lead investor, added: “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.”
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