# Deciphex

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/deciphex

- Industry: Healthcare IT
- Headquarters: Dublin, Ireland
- Website: www.deciphex.com
- Total disclosed funding: $56M
- Latest round: Series C (Jan 7, 2025)
- Investors on record: 11

## About

Based in Ireland, Deciphex Limited specializes in AI-driven pathology solutions to enhance diagnostic accuracy and streamline pathology workflows, aiming to improve healthcare delivery. Deciphex Limited is focused on delivering AI-powered pathology services to improve diagnostic processes. Founded in 2017, the company is headquartered in Dublin, Ireland. The CEO and founder is Donal O'Shea, who has a history of entrepreneurship. The company has successfully completed a total of 8 deals, with its most recent funding round of EUR 15 million in venture debt funding from new investor Claret Capital Partners. Deciphex's core offerings center around AI-powered pathology solutions that enhance diagnostic accuracy and expedite workflows. They have developed platforms like Diagnexia and Patholytix, which leverage a network of elite pathologists to provide rapid diagnostics, particularly addressing underserviced healthcare areas. Their solutions integrate with systems such as the NHS to reduce diagnostic wait times, targeting healthcare providers, pharmaceutical companies, and research institutions across the UK, Ireland, the US, Canada, and Switzerland. Deciphex's revenue model is primarily based on partnerships and B2B transactions, offering AI-driven pathology services through subscription-based access to their platforms. This approach provides clients with improved diagnostic workflows, particularly within the context of the NHS's Faster Diagnosis Standard. The company's products, including the Diagnexia platform, are essential for enhancing diagnostic efficiency, and revenue is also generated from licensing fees and agreements with pharmaceutical firms. The company will use the October 2025 funding to expand its digital pathology services in the US, UK and strengthen its diagnostics and pharma research platforms.

## Funding rounds

- Series C, Jan 7, 2025, $32M — Molten Ventures, ACT Venture Capital, Seroba, NextSteps Capital, Charles River Laboratories, Halo Business Angel Network, Irrus Investments
- Series B, Dec 23, 2022, $4.1M — ACT Venture Capital, Seroba, Irrus Investments, Halo Business Angel Network
- Series B, May 19, 2022, $12M — ACT Venture Capital, Irrus Investments, Novartis, NextSteps Capital, Charles River Laboratories, Halo Business Angel Network
- Series A, Mar 25, 2020, $6.1M — ACT Venture Capital, GI Partners, Enterprise Ireland, Irrus Investments, NextSteps Capital, Charles River Laboratories, Halo Business Angel Network
- Series A, Dec 19, 2018, $2.7M — ACT Venture Capital, GI Partners, Enterprise Ireland, Irrus Investments, NextSteps Capital, Inova Personalized Health Accelerator

## Investors

- ACT Venture Capital (https://capitalatlas.ai/funds/act-venture-capital) — Series A, Series B, Series C
- GI Partners (https://capitalatlas.ai/funds/gi-partners) — Series A
- Enterprise Ireland (https://capitalatlas.ai/funds/enterprise-ireland) — Series A
- Irrus Investments — Series A, Series B, Series C
- NextSteps Capital (https://capitalatlas.ai/funds/nextsteps-capital) — Series A, Series B, Series C
- Inova Personalized Health Accelerator — Series A
- Charles River Laboratories — Series A, Series B, Series C
- Halo Business Angel Network — Series A, Series B, Series C
- Novartis — Series B
- Seroba (https://capitalatlas.ai/funds/seroba) — Series B, Series C
- Molten Ventures (https://capitalatlas.ai/funds/molten-ventures) — Series C