Aiforia has received a funding decision from Business Finland to accelerate the development of AI-assisted software solutions for clinical pathology and drug development
Aiforia Technologies Plc, Company release, 27 April 2023 at 12:00 a.m. EEST. Aiforia has received a funding decision from Business Finland to accelerate the development of AI-assisted software solutions for clinical pathology and drug development.
The estimated cost for the project is EUR 14,6 million for two years, of which Business Finland will fund a maximum of 50% (EUR 7,3 million) in the form of a loan.
"The growing global market will need the expertise, advanced technologies, and digital solutions of Finnish companies and research organizations. Aiforia is a pioneer in its field with its AI-powered software solutions and has signed significant international collaboration and customer agreements. Business Finland's funding can accelerate the company's growth into an international success story, and Aiforia is already growing well globally," says Susanna Kaitera, Senior Advisor, Health and Wellbeing, Business Finland.
This product development project aims to promote the scaling of the business and accelerate growth by expanding features of existing software solutions and creating entirely new ones. The project includes developing deep learning-based artificial intelligence models and software solutions for clinical pathology and pre-clinical research.
“We're excited about this positive funding decision. With the funding, we can accelerate the development of software solutions for clinical diagnostics and pre-clinical drug development”, says Jukka Tapaninen, CEO of Aiforia Technologies Plc. “AI-assisted diagnostics in pathology and pre-clinical research is growing rapidly. Recognizing the challenges of traditional methods, customers are now looking for new solutions to enhance the analysis of medical images. With the help of this funding, we can bring new products to market faster and secure our position in an increasingly competitive space.”
Veli-Matti Parkkonen, CFO, Aiforia Technologies Plc, tel. +358405009878 www.investors.aiforia.com
UB Securities Ltd, tel. +358 9 25 380 225
Aiforia equips pathologists and scientists in preclinical and clinical labs with powerful deep-learning artificial intelligence software for translating images into discoveries, decisions, and diagnoses. The cloud-based Aiforia products and services aim to escalate the efficiency and precision of medical image analysis beyond current capabilities across various fields, from oncology to neuroscience and more. Find out more: www.aiforia.com
Only certain Aiforia® Clinical AI models and the Aiforia® Clinical Suite Viewer are CE-IVD marked for diagnostic use in EU and EEA countries, see here for the full list: www.aiforia.com/aiforia-clinical-suite. In all other countries, the use is limited to Research Use Only, not for use in diagnostic procedures.