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Aiforia Funding Press Release | Epredia
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Aiforia Announces Closing of €17.5M Series B Funding Round

Financing to accelerate Aiforia’s development and continuing expansion of AI solutions for image analysis in clinical diagnostics and preclinical pathology.

Helsinki, Finland
September 16, 2021

Aiforia, a software company providing AI-based solutions for clinical diagnostics and preclinical analysis to enable pathologists to translate medical images into diagnoses and discoveries with more efficiency and precision, announced today the completion of a €17.5M Series B funding round. The funding round is led by Epredia's UK entity, a subsidiary of PHC Holdings Corporation.

The funding helps accelerate the development and commercialization of Aiforia’s portfolio of clinical tools for AI-assisted support in the diagnosis of some of the world’s most prevalent diseases like breast and lung cancer — Aiforia intends to launch CE-IVD marked clinical tools for both diseases this year.

Aiforia also seeks to expand upon its highly versatile and scalable cloud-based tools and services for preclinical assessment, such as in pharmaceutical drug development. Additionally, Aiforia aims to continue investing in hiring top talent to further build on its scientific and technical support teams as well as its commercial team.

“Aiforia has made great progress recently, such as the CE-IVD marking of the Aiforia™ Clinical AI Model for Breast Cancer: Ki67, a widely used key biomarker in breast cancer diagnostics, we are excited to continue this momentum with our product offering, to meet the demands of increasing volumes of patient samples and the need for quantitative, standardized data in pharmaceutical drug development.”

- Jukka Tapaninen, CEO, Aiforia.

Find out more about Aiforia at www.aiforia.com

About Aiforia

Aiforia equips pathologists and scientists in preclinical and clinical labs with powerful deep learning artificial intelligence and cloud-based technology to improve the efficiency, consistency and quality of tissue diagnostics and medical image analysis across a variety of fields from oncology to neuroscience. Aiforia’s mission is to provide the highest quality solutions for AI-assisted image analysis to enable personalized and democratized care for patients.

For more information, please contact:

Aiforia Media:

Emma Vehviläinen

Head of Marketing

Email: moc.airofia%%%%nenialivhev.amme

Forward-looking statements

This release includes forward-looking statements which are not historical facts but statements regarding future expectations instead. These forward-looking statements include without limitation, those regarding Aiforia's future financial position and results of operations, the company's strategy, objectives, future developments in the markets in which the company participates or is seeking to participate or anticipated regulatory changes in the markets in which the company operates or intends to operate. In some cases, forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "plan," "potential," "predict," "projected," "should" or "will" or the negative of such terms or other comparable terminology.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and are based on numerous assumptions. The company's actual results of operations, including the company's financial condition and liquidity and the development of the industry in which the company operates, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this company release. Factors, including risks and uncertainties that could cause these differences include, but are not limited to risks associated with implementation of Aiforia's strategy, risks and uncertainties associated with the development and/or regulatory assessment of Aiforia's clinical tools, ongoing and future trials and expected trial results, the ability to commercialize clinical tools, technology changes and new products in Aiforia's potential market and industry, Aiforia's freedom to operate in respect of the products it develops (which freedom may be limited, e.g., by competitors' patents), the ability to develop new products and enhance existing products, the impact of competition, changes in general economy and industry conditions, and legislative, regulatory and political factors.

In addition, even if Aiforia's historical results of operations, including the company's financial condition and liquidity and the development of the industry in which the company operates, are consistent with the forward-looking statements contained in this release, those results or developments may not be indicative of results or developments in subsequent periods.

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