Deciphex an Irish based, globally focused tech firm, that is applying AI in pathology through a unique patented approach, has announced €2.3m in funding. This will empower the innovative company to accelerate R&D in A.I and market entry in preclincial/toxicologic digital pathology.
The investment brings together several investors with significant experience in software, life science and diagnostics, in conjunction with Enterprise Ireland. The round involves Irish based investors; IRRUS Investments and ACT Venture Capital, in conjunction with, US based Nextsteps Ventures, Inova Personalised Heath Accelerator and GI Partners.
The funding further augments the company's ability to maximise the existing successes in grant funding achieved in the past year. The company was part of a successful €2m consortium under the EU Fast Track to Innovation Program involving Janssen Pharmaceuticals and a €5.6m Disruptive Technologies Innovation Fund, involving UCD, RCSI, Mater Hospital and IBM Research to transform the diagnosis and treatment of colorectal cancer.
The company has recently launched its first product for preclinical/toxicologic pathology Patholytix Preclinical, which is already in use in some of the world's leading Pharma and CROs. Patholytix Preclinicial 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.
Dr Donal O’Shea, CEO of Deciphex says “it is a real pleasure to work with this excellent team of investors in fulfilling our vision to transform pathology. The team have such strong domain experience in Software, Lifescience, Healthcare and Intellectual Property, which provides us with a strong value add to the capital available. The investment will have a huge impact on our ability to accelerate our commercialisation program and to bring the best possible products to our customers and collaborators’’