Deciphex Secures Investment from Inova Health System to Advance AI-Powered Digital Pathology Solutions

On May 20, 2019, VCBeat (WeChat official account: vcbeat) learned that the Inova Personalized Health Accelerator (IPHA) announced an investment in Deciphex. This investment will accelerate Deciphex’s commercialization process and drive the company to further optimize its products.

Deciphex is a technology company based in Dublin, Ireland. Founded in 2017, the company primarily develops digital pathology applications for clinical research in toxicologic pathology. On April 15, 2019, Deciphex completed a €2.3 million Series A financing round, with participation from IPHA.

Deciphex introduces artificial intelligence technology into pathology, dedicated to developing digital pathology applications. These applications classify high-volume, low-complexity pathology samples, enabling pathologists to focus on analyzing more difficult and critical pathological image content, thereby improving diagnostic efficiency.

Deciphex launched its first commercial product, the digital pathology application Patholytix Preclinical, on November 8, 2018. Patholytix Preclinical leverages big data technology to classify pathological samples, thereby reducing pathologists’ workload and enabling faster analysis of results.

Furthermore, Patholytix Preclinical offers specialized workflows to meet the toxicologic pathology application needs of preclinical studies in the pharmaceutical industry. Currently, several world-leading pharmaceutical companies and CROs have begun using Patholytix Preclinical.

IPHA is a subsidiary of Inova Strategic Investment (ISI). ISI is the strategic venture capital arm of Inova Health System. IPHA provides early-stage funding and access to Inova Health System’s resources to high-potential startup health technology companies.

IPHA believes that Deciphex’s software solution, which integrates digital pathology and artificial intelligence, will provide physicians at Inova Health System with a tool to enhance productivity, enabling them to focus on more complex cases.

Mike Thomas, CEO of IPHA, stated, “Deciphex boasts a strong management team and innovative solutions. IPHA intends to leverage Inova Health System’s expertise in pathology to help Deciphex achieve global leadership in the AI-driven digital pathology market.”

“We are excited to be at the forefront of leveraging artificial intelligence to transform how diseases are diagnosed and treated,” said Hassan Nayer, M.D., Chair of Pathology and Laboratory Medicine at Inova Health System. “The partnership between Inova and Deciphex will accelerate the integration of digital pathology into clinical practice, enhancing the accuracy and efficiency of pathological diagnosis.”

Dr. Donal O'Shea, CEO of Deciphex, commented, “I am delighted to partner with IPHA. The IPHA team boasts extensive experience in both healthcare and artificial intelligence. This investment will help us accelerate our commercialization efforts and develop superior products.”

Inova Health System is a nonprofit healthcare organization in Virginia, originally established in 1956 as the Fairfax Hospital Association. As surrounding communities grew, Inova Health System gradually expanded to offer comprehensive medical services. Currently, Inova Health System operates the only Level I Trauma Center and Level IV Neonatal Intensive Care Unit in Northern Virginia, serving more than 2 million patients annually through its integrated hospital network.

(Compiled by Wang Yi)