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Epredia invests in Aiforia, a software company providing AI-based solutions for clinical and preclinical image analysis in pathology

Helsinki, Finland
June 3, 2021

Aiforia, a software company providing AI-based solutions for clinical and preclinical image analysis in pathology, announced today the closing of the first €12.6M tranche of their Series B round. The funding round has the potential to reach €25.2M if investors exercise the optional second tranche.

The funding round is led by Epredia’s UK entity, a subsidiary of PHC Holdings Corporation. Investors also include Aktia Nordic Micro Cap and existing shareholders. KPMG acted as a financial advisor to Aiforia in the successful Series B round.

Aiforia’s cloud-based software currently has over 3,000 users in more than 50 countries. The funding round helps strengthen the company’s global presence for pharmaceutical companies looking to accelerate their drug development pipeline with deep learning AI powered solutions — as well as the development and release of Aiforia’s novel platforms for the diagnosis of the world’s most prevalent cancers.

The Aiforia Clinical Suites are portfolios of powerful tools enabling pathologists and hospitals to harness the power of AI to support them in accelerating sample review, enhancing diagnostic accuracy, and ultimately in improving patient outcomes. The Breast and Lung Cancer Suites are intended to be CE-IVD marked and launched this year.

“The support from our investors confirms the importance of scalable and powerful tools to pathology in drug development and disease diagnosis. This fresh funding enables us to further our long-term vision in the clinical field: providing a single platform with broad clinical possibilities to enable precision diagnostics and therefore personalized patient care.”

- Jukka Tapaninen, CEO, Aiforia.

“We are delighted to be investing in another AI company with solutions that can enhance the pathology workflow. We believe that digital pathology has a critical role to play in the future of cancer diagnostics and are excited by the technology that Aiforia are developing. Their solutions have the potential to improve the speed and accuracy of image analysis in the area of research and potentially even in the clinical setting. We see a strong opportunity for growth in their business and want to help to bring their solutions to more pathologists across the world.”

- John Sweeney, President, Epredia.

About Epredia

Epredia is a global leader in the anatomical pathology field, providing comprehensive solutions for precision cancer diagnostics and tissue diagnostics. Powered by key brands, including Erie Scientific, Menzel-Gläser, Microm, Shandon, and Richard-Allan Scientific, Epredia’s portfolio includes microscope slides, instruments and consumables. Epredia was established following the acquisition of Thermo Fisher Scientific’s Anatomical Pathology business by PHC Holdings in 2019. Epredia has major sites in the United States, the United Kingdom, Germany, Switzerland and China with a total of around 1,200 employees. Epredia is committed to achieving its mission to improve lives by enhancing cancer diagnostics for patients around the world. For further information on Epredia and its products, please visit www.epredia.com.

About Aiforia

Aiforia equips pathologists and scientists in preclinical, academic, and clinical labs with powerful deep learning artificial intelligence and cloud-based technology to increase the speed, accuracy, and consistency of analyzing large and complex medical images across a variety of fields from oncology to neuroscience.

Aiforia is composed of an ideal mix of scientists experienced in a variety of medical areas from pathology to cancer diagnostics, software developers who collectively hold over 100 years’ experience in artificial intelligence, and a business team with backgrounds in the pharmaceutical and biotechnology industries.

For more information, please contact:

Epredia Media:

Joseph Delahunty

PHC Group, Corporate Communications

Email: moc.aisnecsa%%%%ytnuhaled.hpesoj

Aiforia Media:

Emma Vehviläinen

Head of Marketing

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