Dublin-based Deciphex, a healthtech company pioneering AI-driven digital pathology solutions, has secured €15M in funding from Claret Capital Partners, Europe’s largest independent growth debt fund manager.
The new capital comes just eight months after the company’s €31M Series C led by Molten Ventures and will accelerate Deciphex’s expansion in the US while positioning it to become the UK’s leading histopathology reporting provider by 2027.
Backing Deciphex’s growth in clinical and pharma markets
Founded in 2017 by Donal O’Shea, Deciphex is building out a dual-platform business:
- Diagnexia – connects a global network of subspecialty pathologists to deliver rapid diagnostics and reduce clinical backlogs.
- Patholytix – supports pharmaceutical research by optimising preclinical safety assessments and accelerating drug development.
Claret, which has backed more than 190 SMEs across Europe since 2013, has been working with Deciphex since 2023. “We’ve been really impressed by the team’s strong execution in meeting growing demand,” said Joey Mason, Venture Partner at Claret Capital. “This extended funding reflects our confidence in their fundamentals and ability to capture significant market share.”
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Tackling global pathology bottlenecks
Over 70% of healthcare decisions depend on pathology tests, yet the number of pathologists continues to decline worldwide. This shortage has created backlogs that delay diagnoses and treatments. Deciphex leverages AI to automate routine pathology tasks, enabling pathologists to focus on complex cases while working up to 40% faster without sacrificing accuracy.
The company now manages a global network of 250+ subspecialty pathologists, processing nearly 97,000 cases annually across the US, UK, EU, Canada, and Japan. Its workforce of over 220 spans Dublin, Oxford, Exeter, Chicago, and Toronto.
Looking ahead
“This extended relationship with Claret Capital Partners provides us with the capital to execute on our most ambitious growth plans,” said CEO Donal O’Shea. With strong momentum, Deciphex aims to consolidate its position as a global leader in digital pathology, expanding both its clinical diagnostics and pharma research offerings while alleviating one of healthcare’s most pressing bottlenecks.
