Deciphex Finalize 2.3m Equity Fundraising to Accelerate Commercialization and Research Programs

Irish startup, Deciphex, has announced the closing €2.3m (approximately $2.59 million) in equity funding from a number of sources including support from Inova Personalized Health Accelerator in Virginia and GI Partners of Illinois, a group of 50 gastroenterologists in the Chicagoland area.

Deciphex, an Irish based technology player, applying AI in pathology, has announced the conclusion of a €2.3m equity funding and convertible debt conversion event which will empower the company to accelerate its research and development in Artificial Intelligence and ramp up market entry in preclincial/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. The round involves Irish based investors IRRUS Investments, ACT Venture Capital and Enterprise Ireland in conjunction with US based NextSteps Capital, Inova Personalised Heath Accelerator and GI Partners of Illinois.

The funding round 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 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.

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’s 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, life sciences, 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 commercialization program and to bring the best possible products to our customers and collaborators”

Source: Deciphex