AI and digital pathology player Deciphex to accelerate its research and commercialisation after raising $6.2 Series A.

Invent DCU-based tech company Deciphex has concluded a $6.2m Series A fundraising that will empower the company to accelerate its research and development in artificial intelligence and to further accelerate market entry in pre-clinical/toxicologic digital pathology.

The round brings together a number of indigenous and US investors with significant experience in life science and diagnostics investment in conjunction with Enterprise Ireland, the Irish Government organisation responsible for the development and growth of Irish enterprises in world markets.

“Our investors have strong domain experience in software, life sciences, healthcare and intellectual property, which provides us with a strong value-add to the capital available”

The round includes participation from Irish based investors IRRUS Investments, HBAN MedTech syndicate, ACT Venture Capital and Enterprise Ireland in conjunction with US based, NextSteps Capital and GI Partners of Illinois.

Aiming high

“The investment will have a huge impact on our ability to accelerate our commercialisation program and to continue to bring the best possible products and services  to our customers and collaborators,” explained Dr Donal O’Shea, CEO of Deciphex.

“Our investors have strong domain experience in software, life sciences, healthcare and intellectual property, which provides us with a strong value-add to the capital available.”

Since its foundation in 2017, the company already has two products in-market.

Patholytix Preclinical, already in use by many of the world’s leading pharma and CROs, is designed to accelerate the evaluation of drug safety, streamlining the interaction between distributed pharma sites and external collaborators while also accelerating the review of digital pathology specimens in preclinical/toxicologic pathology.

Patholytix AI  layers on the benefits of artificial intelligence by allowing users to triage samples using AI-based interpretation of histology images.

The investment will underpin the recently announced collaborative research program in place with Charles River.

The investment also augments the company’s ability to maximise existing successes in grant funding received. The company is part of a successful €2m consortium under the EU Fast Track to Innovation Program involving Janssen Pharmaceuticals and a €5.6m Government of Ireland, Disruptive Technologies Innovation Fund, involving University College Dublin, Royal College of Surgeons Ireland, Mater Hospital, Dublin, Ireland and IBM Research to transform the diagnosis and treatment of colorectal cancer.

Deciphex also recently opened a US facility in Chicago from where it offers high throughput digital pathology digitisation services and plans to further strengthen our US presence in the future.

Pictured at top Deciphex CEO Dr Donal O’Shea and COO Mary Rafferty

Written by John Kennedy (john.kennedy3@boi.com)

Published: 16 July, 2020

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