Aiforia as an investment
Business model
Business model
Aiforia's business is based on providing AI-based Software as a Service (SaaS) solutions and tailored expert services to researchers and pathologists. Deep learning software solutions automate the routine tasks of pathologists and streamline the diagnostic workflow. They can speed up the discovery of new biomarkers or the introduction of new medicines to the market, for example. Pathologists and researchers can also build their own AI models using the Aiforia platform.
Aiforia's users around the world
Aiforia's cloud platform is used globally
5,000+ users
Pathologists, medical scientists, and researchers use Aiforia's AI and image analysis tools worldwide.
50+ countries
Aiforia's cloud-based software and services are used in over 50 countries across the world.
1 million+ images
Over 1 million images have been analyzed with Aiforia and 400+ AI models developed.0 countries across the world.
Scalable and CAPEX-light business model
Aiforia offers a scalable business model based on SaaS (software as a service). Fees are both annual and usage based. The annual fee covers the usage of the platform and is determined by the amount of cloud storage as well as user numbers, while the usage-based fees are determined by the complexity of the customer’s project or analysis, and are based on prepayments.
Once the platform, AI-models and the respective viewers have been developed they can be sold widely without additional development costs. Outsourced cloud services enable low capex and very high capacity to meet customer demand.
Aiforia's customer stickiness is high - once software is integrated to laboratory use, there's high motivation to maintain it.
Aiforia has multiple sales channels: direct and partner sales strategies are used for both preclinical and clinical customers. OEM (original equipment manufacturer) partners (e.g. manufacturers providing imaging devices that use Aiforia image analysis technology as part of their solution) negotiate directly with the potential customer, offering Aiforia as a third party software provider when the service is delivered.
Aiforia’s product offering
Aiforia’s offering is divided into software solutions for the clinical and preclinical markets, covering scientists and pathologists across the whole span of the healthcare system.
Through increasing disease rates and developing diagnostic methods, more and more samples need to be analyzed. This is creating a demand for new technologies to assist in the diagnosis of a wide range of diseases.
Clinical diagnostics market: Diagnostic laboratories
Aiforia’s clinical portfolio consists of tools for AI-supported diagnostics, intelligent visualisation of patient samples, as well as automated screening and reporting tools, to assist pathologists in the diagnosis of some of the world’s most prevalent cancers such as breast, lung and prostate cancer.
In 2022, Aiforia commercialised the CE-IVD marked Aiforia Clinical Suite viewer for the clinical pathology workflow to enhance the analysis of images from tissue samples, especially in remote viewing and collaboration. CE-IVD marked AI models for the diagnostic support include
- Aiforia® Clinical AI Model for Lung Cancer; PD-L1
- Aiforia® Clinical AI Model for Breast Cancer; Ki67
- Aiforia® Clinical AI Model for Breast Cancer; ER
- Aiforia® Clinical AI Model for Breast Cancer; PR
- Aiforia® Clinical AI Model for Prostate Cancer; Gleason Grade Groups
Preclinical market: Pharma and biotech, CRO’s, Academic research, Education
Aiforia Create, an agile solution with which the end users can develop their own AI models for any image analysis application simply by annotating images to train the AI model what to identify, quantify, or measure. No coding or dedicated hardware is required as the cloud based Aiforia Create is optimised specifically for domain expert use.
Aiforia Create provides a host of comprehensive tools in AI-based medical image analysis, such as the patented Annotation Assistant, which partially automates the training of AI models by the end user. Aiforia also offers Custom AI Services in which Aiforia’s expert scientists build bespoke AI models for customers based on their specific needs.
Aiforia has an established customer base in the preclinical research market; customers include those from well-known academic institutes and major pharmaceutical companies. So far over 400 AI models for preclinical research have been built with Aiforia Create for a wide range of diseases, for example: breast cancer, Parkinson’s disease, organ transplantation, liver diseases, inflammatory bowel diseases, and more.
Opportunities outside of medical imaging
Aiforia’s products and technology are agile. The software is image agnostic, meaning any 2D image can be analyzed with Aiforia’s image analysis tools and setting up the opportunity for potential pivots.
While a focus on medical images is concentrated, Aiforia’s software solutions are also used for a vast number of applications in non-medical domains. AI models have been created to analyze salmon well-being in fish farming, air voids in concrete slabs, satellite images and more.
