Deciphex Secures $32.3M Series C to Address Global Pathology Shortage

Deciphex, a leader in AI-powered digital pathology, has closed its Series C financing, raising $32.3 million to address the acute global pathology crisis. Led by Molten Ventures with significant participation from ACT Venture Capital, Seroba, Charles River Laboratories (NYSE: CRL), IRRUS Investments, HBAN Medtech Syndicate and Nextsteps Capital, the funding will advance Deciphex's mission to democratize access to high-quality pathology through a technology-enabled global network of pathologists.

With over 70% of healthcare decisions requiring pathology investigation and a widening gap between rising patient needs and declining pathologist numbers, healthcare systems face mounting backlogs globally. Deciphex's platforms, Diagnexia and Patholytix, address this crisis through AI-powered digital pathology that enables pathologists to work up to 40% faster while maintaining diagnostic accuracy. By expanding access to quality pathology services and reducing diagnostic delays, Deciphex is transforming patient care delivery worldwide.

This funding round considerably advances Deciphex's strategic priorities:

• Scaling Global Service Reach: Deciphex is expanding across the US, UK, EU, Canada, and Japan to meet the growing demand for digital pathology solutions. This global scale-up will enhance access to expert diagnostics and research services, addressing critical healthcare and pharmaceutical needs worldwide.
• Enhancing Utility of Diagnexia and Patholytix Platforms: Deciphex will enhance its core platforms: Diagnexia, a global digital pathology network that expands subspecialty expertise and reduces diagnostic backlogs, and Patholytix, a preclinical platform that accelerates drug development through AI-powered workflows. Together, these solutions drive efficiency and innovation in pathology services worldwide.
• Accelerating Pathology AI Foundational Model Development: Deciphex will leverage its extensive pathology image repository to develop pathology foundational models, improving both speed and accuracy for clinical and non-clinical applications.
• Strengthening Partnerships with Industry Leaders: Deciphex will strengthen its strategic partnerships with Novartis and Charles River Laboratories, advancing AI models for toxicology and preclinical safety evaluation.
• Expand Services to Pharma/ Biotech and CRO Clients: Deciphex will enhance its clinical research capabilities, enabling efficient clinical trials, biomarker discovery and validation, and unlocking insights from clinical archives to drive innovation.

Donal O'Shea, Founder and CEO of Deciphex, described the importance of this investment: "This investment accelerates our mission to transform global pathology access. Our ergonomic, AI-enabled platform enhances diagnostic workflow and accuracy - allowing experts to clear backlogs faster without compromising quality. By expanding this technology worldwide, we're not just improving healthcare efficiency, we're supporting both the pathologists who drive diagnoses and the patients who depend on them."

Inga Deakin, Principal at Molten Ventures, the lead investor, added: "Deciphex is tackling one of healthcare’s most pressing issues. By supporting pathologists with AI tools that enhance efficiency without sacrificing accuracy, Deciphex offers a much-needed solution to the diagnostic burden facing pathologists around the world. We’re thrilled to support Deciphex in bringing these critical diagnostic services to those who need it most."

About Deciphex: Founded in 2017, Deciphex aims to transform diagnostic workflows through AI-powered digital pathology to improve patient outcomes worldwide. Its two flagship platforms target distinct markets: Diagnexia connects global subspecialty pathologists for rapid diagnostics and backlog reduction, while Patholytix accelerates drug development through optimized preclinical safety assessments. By automating routine tasks, these platforms enable pathologists to focus on complex cases while delivering faster, more reliable diagnoses. Through this combination of AI innovation and clinical expertise, Deciphex is advancing both healthcare delivery and therapeutic development.

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