DUBLIN, Ireland – 01/10/2025 – Deciphex, a leader in AI-powered digital pathology, today announced the execution of a new €15 million investment from Claret Capital Partners, Europe's largest independent growth debt fund manager.
This strategic financing will accelerate Deciphex's expansion in the United States and support the company's ambition to become the leading provider of histopathology reporting services in the UK by 2027. The funding enables Deciphex to continue scaling its dual-platform business, Diagnexia for clinical diagnostics and Patholytix for pharmaceutical research, without further dilution to existing shareholders.
"This extended relationship with Claret Capital Partners provides us with the capital to execute on our most ambitious growth plans,"
said Donal O'Shea, Founder and CEO of Deciphex.
"We're seeing tremendous demand for our services in both the US and UK markets, and this facility gives us the financial flexibility to capture that opportunity. Our goal is clear: to be the leading histopathology reporting provider in the UK while building a significant presence across the United States."
The funding builds on Deciphex's successful €31 million Series C round announced in January 2025, which was led by Molten Ventures with participation from ACT Venture Capital, Seroba, Charles River Laboratories, IRRUS Investments, HBAN Medtech Syndicate, and Nextsteps Capital.
Joey Mason, Venture Partner at Claret Capital Partners, commented:
"We're delighted to be supporting Deciphex with this follow-on funding. Having partnered with the company since 2023, we have been really impressed by the team's strong execution skills in addressing the growing market demand for Deciphex’s solutions. This extended funding reflects our confidence in the company's business fundamentals and its ability to capture significant market share in its target geographies."
With over 70% of healthcare decisions requiring pathology investigation and a widening gap between rising patient needs and declining pathologist numbers, healthcare systems globally face mounting backlogs. Deciphex's platforms address this crisis through AI-powered digital pathology that enables pathologists to work up to 40% faster while maintaining diagnostic accuracy.
The company currently operates across the US, UK, EU, Canada, and Japan, managing a global network of 250+ subspecialty pathologists and processing approximately 97,000 cases annually. Deciphex employs approximately 223 people with facilities in Dublin, Ireland; Exeter and Oxford, UK; Chicago, USA and Toronto, Canada.
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.
About Claret Capital Partners:
Claret Capital Partners is Europe's largest independent growth debt fund manager. Since 2013, the Claret funds have backed over 190 SMEs in the technology, life sciences and climate tech sectors, from a wide range of geographies across Europe. The team have been active in the technology financing markets for over 25 years and provide innovative debt solutions to help entrepreneurs and private equity investors grow their companies while minimising dilution.
Media Contact:
Katie Higgins
Commercial Marketing Director
Deciphex
Email: katie.higgins@deciphex.com
Phone: +353 1 221 0842
