Deciphex Secures €15m Venture Debt Funding from Claret Capital Partners to Accelerate Growth
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DUBLIN, Ireland
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. 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.
Donal O'Shea, Founder and CEO of Deciphex
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.
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.
