EIB grants 20 million euro to Aiforia for cancer research

Brussels –  The European Investment Bank (EIB) has signed today (3 August) a 20 million euro venture debt financing agreement – a loan granted to innovative start-ups or growing companies already backed by equity funds – to Aiforia, a Finnish company specialising in the development of artificial intelligence software and cloud technologies for digital pathology – the medical technique that converts traditional glass tissue slides into high‑resolution digital images. The funding will support the development of an artificial intelligence-based platform, used primarily for the detection of tumours. Specifically, the software analyses ultra-high-resolution images of biopsy samples – small fragments of tissue or clusters of cells taken from a living organism for examination under a microscope – to identify cancer cells with high precision and speed. 

The EIB’s support for Aiforia forms part of the European Commission’s InvestEU programme, which mobilises investment, supports economic recovery, and finances the green and digital transitions. Aiforia plans to use the funding to “accelerate product development, expand our commercial operations.” The funding is divided into three tranches, the first of which is worth 5 million euros. The disbursement of each instalment is, however, conditional upon the achievement of turnover targets and other interim targets set out in the financing agreement. 

“Our continent is working to remain competitive, and we need to support the companies that make that possible,” said EIB Vice-President Karl Nehammer, emphasising that “Europe must have the best technologies developed in-house to protect and care for its citizens.”  Aiforia’s CEO, Jukka Tapaninen, added: “With this financing, we can accelerate product development, expand our commercial operations internationally, and advance our goal of improving patient care through AI-powered image analysis solutions.”