Helsinki-Based Aiforia Raises €20 Million from EIB to Expand AI Pathology Platform

The funding is supported by the European Commission's InvestEU programme. Aiforia will use the money to speed up the development of its AI products and expand its commercial operations.

The financing will be provided in three stages (tranches), with the first €5 million available initially. To receive the remaining funding, Aiforia must achieve specific revenue and business targets. The company and the EIB have also agreed on a synthetic warrant arrangement, which means Aiforia's existing shareholders will not face immediate share dilution.

“We are pleased that the negotiations have led to the signing of a binding financing agreement. The EIB venture debt financing strengthens Aiforia’s financial position and supports the implementation of our strategy. With this financing, we can accelerate product development, expand our commercial operations internationally, and advance our goal of improving patient care through AI-powered image analysis solutions,” said Jukka Tapaninen, CEO of Aiforia.

“Our continent is working to remain competitive, and we need to support the companies that make that possible. From healthcare to digital life sciences, Europe must have the best technologies developed in-house to protect and care for its citizens. The solutions developed by Aiforia strengthen Europe’s competitiveness, while giving an innovative EU company the opportunity to succeed on the global stage,” said EIB Vice-President Karl Nehammer.

Aiforia was founded in 2013 as a spin-off from the University of Helsinki. Today, it is a publicly listed company that operates in several countries and serves thousands of users worldwide.

The company develops AI-powered software that helps improve the analysis of medical images. Its technology supports better disease diagnosis and helps researchers make new medical discoveries.

Aiforia's deep learning AI software is used by pathologists and scientists in research and clinical laboratories. The platform helps them turn medical images into valuable insights, making it easier to support research, make clinical decisions, and improve patient diagnoses.

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