Aiforia, a Finnish life-science technology company, has secured €20 million in venture debt from the European Investment Bank to develop its artificial intelligence software for analysing biopsy images to help detect tumours.
The funding will support further development of Aiforia’s AI-powered platform used in digital pathology — the examination of digitised tissue samples — with the software designed to help pathologists assess ultra-high-resolution images and identify cancer cells, the European Investment Bank announced on Friday.
The financing is backed under the European Commission’s InvestEU programme.
EIB Vice-President Karl Nehammer said Europe needed to support companies developing technologies “in-house” for sectors including healthcare and digital life sciences, according to the bank.
Aiforia chief executive Jukka Tapaninen stated that the financing would support the company’s strategy by accelerating product development and expanding its commercial operations internationally.
Funding structure and conditions
The €20 million package is split into three tranches, with an initial tranche of €5 million, the bank said.
Further drawdowns depend on meeting revenue and other interim targets set out in the financing agreement.
Aiforia and the European Investment Bank also agreed a synthetic warrant arrangement that does not immediately dilute existing shareholders.
