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,” explains Jukka Tapaninen, CEO of Aiforia.
“We are delighted to be investing in another AI company with solutions that can enhance the pathology workflow,” explains John Sweeney, President of Epredia. “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.”
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