Press Release

Aiforia Technologies intends to launch an initial public offering and listing on Nasdaq First North Growth Market Finland

5 November 2021 8.30 A.M. EET


Aiforia Technologies Plc ("Aiforia" or the "Company"), a company providing image analysis software utilising artificial intelligence ("AI") for medical research and diagnostics, announces that it is planning an initial public offering ("IPO") and a listing of its shares on Nasdaq First North Growth Market Finland.

Aiforia in brief

Aiforia's business model is based on the development and utilisation of AI models for the analysis of tissue and cell samples in medical research and diagnostics. The software solutions offered by Aiforia are aimed at automating the most laborious parts of image-based diagnostics and analysis by utilising deep learning AI models and cloud-based image management.

Aiforia's deep learning AI models can evaluate details in tissue samples which are challenging or manual to identify or calculate with traditional analysis techniques. The purpose of Aiforia's AI models is therefore to improve the efficiency of analysing samples and to produce results with greater precision. Therefore, Aiforia believes that the AI models can improve accuracy of diagnosis, the efficiency of the treatment of patients as well as help to identify patients who are more likely to benefit from specific types of treatment.

Currently, Aiforia mainly offers its software solutions for the analysis of pathological samples (such as tissue and cell samples). Aiforia estimates that its software solutions can also be used in the future in other medical applications, in which researchers, medical doctors and other healthcare professionals visually analyse samples or images.

Aiforia's main customers comprise two different segments: customers in preclinical research, such as those carrying out academic research, contract research organisations and pharmaceutical and biotechnology companies, and customers in clinical diagnostics, such as hospitals, healthcare companies and clinical laboratories.

Aiforia has customers using its preclinical software solutions across the world, with over 3,000 active users in over 50 countries and approximately 100 customer locations. The majority of Aiforia's customers are based in Europe and North America.

Aiforia's strengths

Aiforia believes that the following factors are the Company's key strengths:

  • Existing AI technology and software solutions
  • Versatility of the software solutions and their adaptability according to customer needs
  • Cloud-based platform for managing, sharing and analysing large image files
  • Scalable business model
  • High-level competence of the management and personnel particularly in pathology and artificial intelligence
Aiforia's business objectives

Aiforia's business objectives are the following:

Short-term business objectives:

  • Obtain a CE-IVD marking for six AI models intended for clinical diagnostics
  • Acquire five customers in clinical diagnostics
  • Acquire ten large customers in the pharmaceutical industry
  • Reach more than 5,000 users

Medium-term business objectives:

  • Create a product offering that covers 80% of the pathologist's diagnosing workflow
  • Achieve a positive net cash flow from operating activities by the end of 2025
  • Achieve revenue of more than EUR 100 million
  • Reach 20,000 users
  • Achieve 50 key customer relationships generating annual recurring revenue of EUR 250,000 per customer on average
Aiforia's strategy

The Company aims to be the global leader in AI-assisted tissue sample analytics. It aims to offer AI solutions that improve the accuracy, efficiency, and reproducibility of tissue sample analysis so that the patient can be offered better and more individualised care faster. The benefit to the patients may come from more accurate and efficient diagnostics as well as from enhanced pharmaceutical development and medical research.

Aiforia aims to be a pioneer in the image analysis technology it offers and to have a product offering that is customer-oriented and comprehensive compared to other operators. To achieve this objective, Aiforia emphasises continuous product development in its strategy.

Aiforia's strategy is to focus on software solutions intended for both preclinical research and clinical diagnostics. The Company's strategy has been to first develop a versatile software solution for creating and training AI models quickly and efficiently and for using them in analysing very large image files, in particular. At the initial stage, the Company has commercialised a software solution for the preclinical market, which was the first to open up in relation to the digitalisation of tissue samples.

At the second stage, Aiforia's strategy is to utilise the efficient AI model training user interface it has developed by creating a comprehensive selection of validated AI models intended for clinical use and viewers optimised to these, that are used in several different diagnostic applications. According to Aiforia's view, the clinical diagnostics market is opening up and the Company is therefore planning to accelerate its product development and the commercialisation of software solutions intended for clinical diagnostics in order to be among the first to introduce a comprehensive offering of AI solutions to clinical tissue sample diagnostics.

Jukka Tapaninen, Aiforia's CEO comments:

"Aiforia is a health tech company, whose software solutions utilising AI, enable pathologists who use traditionally only visual evaluation in their diagnostics, to use computational analysis instead. With our AI models we can automate a 150-year-old process and are thus able to bring efficiency and accuracy, which in turn leads to better patient outcomes. This helps the pathologists to identify, for example, cancers from tissue samples with even better sensitivity and accuracy. Our technology will also be applicable in the future to other medical application needs where researchers, scientists and other medical professionals analyse samples or images with visual evaluation. We aim to be a leading player in AI-assisted image analysis globally, and the contemplated IPO plays a vital role in supporting Aiforia's growth strategy."

Pekka Mattila, Chairman of the Board of Directors of Aiforia comments:

"Aiforia's mission is to provide the highest quality solutions for AI-assisted image analysis to enable personalised and better care for patients. The growing number of tissue samples combined with the need for pathologists to provide high-quality analysis under strict timelines amplifies the need to enhance the effectiveness of working methods in the field of pathology globally. We estimate that the introduction of AI software solutions into the sample analysis process creates new levels of efficiency, reduces the workload of pathologists and helps harmonise the analysis of images. Aiforia's team has been building the company with determination and a strong mission. I am honoured to be part of this journey."

Information on the contemplated IPO

The objective of the contemplated IPO is to enable Aiforia's growth strategy with the proceeds raised in the IPO. The IPO is expected to increase the general interest of the investors, business partners and clients towards Aiforia, as well as enhance the Company's ability to recruit and engage key employees. Furthermore, the contemplated IPO would allow Aiforia an access to capital markets as well as expand the Company's owner base with domestic and international investors. The contemplated IPO would also allow the Company to increase the liquidity of its shares in the future as well as to use the Company's shares more efficiently in personnel remuneration.

The contemplated IPO is expected to consist of a share issue by Aiforia to the public in Finland, to institutional investors in Finland and, in accordance with applicable laws, internationally outside the United States. Gross proceeds from the share issue are expected to be at least approximately EUR 30 million and are intended to be used to support Aiforia's growth strategy with investments in sales and marketing, research and development, as well as in other operational purposes.

In connection with the contemplated IPO, the Company, the members of the Company's Board of Directors and Management Team as well as the Company's shareholders are expected to commit to customary lock-up arrangements.

Certain funds managed by entities owned by Aktia Bank Plc, Aderno Oy, DAKAR Oy, Moomin Characters Oy Ltd, Oy Verman Ab, Sto-Finance Ltd, Suotuuli Oy, Thomasset Oy, UB Asset Management Ltd on behalf of its clients and certain funds managed by UB Fund Management Company Ltd have, subject to certain customary conditions, committed to subscribe for shares in the contemplated IPO. In addition, several other investors have indicated their intention to participate in the IPO.

The terms, conditions and instructions regarding the contemplated IPO will be included in the prospectus, which Aiforia will prepare in connection with the contemplated IPO. If the Company chooses to move forward with the IPO, the prospectus and an English-language translation will be published on the Company's website at


Swedbank AB (publ) and UB Securities Ltd are acting as the joint global coordinators and joint bookrunners (jointly referred to as the "Joint Global Coordinators") in connection with the contemplated IPO. Krogerus Attorneys Ltd is acting as legal adviser to Aiforia. Borenius Attorneys Ltd is acting as legal adviser to the Joint Global Coordinators. Hill+Knowlton Strategies is acting as communications adviser to Aiforia. UB Securities Ltd will act as Aiforia's certified adviser in accordance with the Nasdaq First North Growth Market Rulebook.

Further enquiries

Jukka Tapaninen, CEO, Aiforia Technologies Plc, tel. +33610416686
Veli-Matti Parkkonen, CFO, Aiforia Technologies Plc, tel. 

Information about Aiforia

Aiforia equips pathologists and scientists in preclinical and clinical labs with powerful deep learning artificial intelligence software for translating images into discoveries, decisions, and diagnoses. The cloud based Aiforia products and services aim to escalate the efficiency and precision of medical image analysis beyond current capabilities, across a variety of fields from oncology to neuroscience and more. Our mission is to provide high-quality AI solutions for image-based diagnostics, enabling personalized and better care for patients. Find out more:


Neither this release nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into the United States of America, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or Singapore or any other jurisdiction in which publication or distribution would be unlawful.

The information contained herein does not constitute, or form part of, an offer to sell or a solicitation of an offer to purchase, any securities in the United States. The securities of Aiforia Technologies Plc (the "Company") have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States absent registration except pursuant to an exemption from registration. The Company does not intend to register any portion of the offering in the United States under the Securities Act or to offer securities to the public in the United States. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company or the selling security holder and will contain detailed information about the Company and management, as well as financial statements.

The issue, exercise and/or sale of securities are subject to specific legal or regulatory restrictions in certain jurisdictions. The Company, Swedbank AB (publ) or UB Securities Ltd assume no responsibility in the event there is a violation by any person of such restrictions.

The information contained herein shall not constitute an offer to sell or a solicitation of an offer to purchase or subscribe, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the applicable prospectus published or offering circular distributed by the Company.

The Company has not authorised any offer to the public of securities in any Member State of the European Economic Area. With respect to the United Kingdom and each Member State of the European Economic Area other than Finland and which applies the Prospectus Regulation (each, a "Relevant Member State"), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring publication of a prospectus in any Relevant Member State other than Finland. As a result, the securities may only be offered in the United Kingdom and in Relevant Member States (a) to any legal entity, which fulfils the requirements of a qualified investor as defined in the Prospectus Regulation; or (b) in any other circumstances falling within Article 1(4) of the Prospectus Regulation. For the purposes of this paragraph, the expression an "offer of securities to the public" means a communication to persons in any form and by any means, presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities. The expression "Prospectus Regulation" means Regulation (EU) 2017/1129 of the European Parliament and of the Council, as amended, and as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "Relevant Persons"). Any investment activity to which this communication relates will only be available to and will only be engaged with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

Full terms, conditions and instructions for the contemplated initial public offering will be included in the prospectus that will be prepared by the Company in connection with the contemplated initial public offering. The prospectus will be published on the website of the Company at

An investor is advised to read the prospectus before making an investment decision to fully understand the risks and rewards associated with the investment. The approval by the Finnish Financial Supervisory Authority of the prospectus shall not be considered as an endorsement of the securities offered.


Certain statements in this release are "forward-looking statements." Forward-looking statements include statements concerning plans, assumptions, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, the Company's competitive strengths and weaknesses, plans or goals relating to financial position, future operations and development, its business strategy and the anticipated trends in the industry and the political and legal environment in which it operates and other information that is not historical information. In some instances, they can be identified by the use of forward-looking terminology, including the terms "believes," "intends," "may," "will" or "should" or, in each case, their negative or variations on comparable terminology.

Forward-looking statements in this release are based on assumptions. Forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and the risk exists that the predictions, forecasts, projections, plans and other forward-looking statements will not be achieved. Given these risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements contained herein speak only as at the date of this release. Save as required by law, the Company does not intend to, and does not assume any obligation to, update or correct any forward-looking statement contained in this release.