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 replicability of tissue sample analytics so that the patient can be offered faster, better and more individualised care. The company aims to expand and develop the features and applications of its software for the preclinical research market while also building a comprehensive portfolio of ready-made AI models for the clinical diagnostics market as well as other assistive tools.
Aiforia intends to further develop the AI model development platform, Aiforia Create, with additional functionalities, and to develop ready-to-use AI models for customers — providing a versatile offering for this segment of the market. The development is also intended to further support the needs of the pharmaceutical workflow, such as Good Laboratory Practice (GLP) requirements, which define criteria for a quality system concerned with preclinical studies.
Aiforia aims to introduce new AI models to support the diagnosis of some of the most common diseases in anatomical pathology while expanding the clinical offering to provide an integrated AI workflow solution for these laboratories. The company intends also to explore opportunities to provide “Diagnosis as a service”.
To accelerate the commercialisation of its preclinical and clinical products, Aiforia plans to expand its salesforce, gain new channel partners, and deepen its collaboration with Epredia to prosper from the existing international distribution agreement. Aiforia also intends to form new partnerships, with for example scanner manufacturers and workflow management system providers as well as building relationships with system integration and cloud service partners.
Aiforia has a two-part sales model: direct and partner sales strategies are used for both preclinical and clinical customers. OEM partners are intended to be used solely for clinical customers, such as imaging devices that use Aiforia’s image analysis technology as part of their solution.
OEM partners, while not currently a core focus area but may offer potential for new business, are intended to be used for clinical customers. In Aiforia’s case OEM could include, for example, imaging devices that use Aiforia image analysis technology as part of their solution. OEM partners would then negotiate directly with the customer, offering Aiforia as a 3rd party software provider when the service is delivered.
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 an Aiforia credit system.
Once an AI-model has been developed it can be sold widely without additional development costs and outsourced cloud services enable low capex and very high capacity to meet customer demand.
Aiforia’s short-term business targets are:
- Obtain a CE-IVD marking for 6 AI models intended for clinical diagnostics
- Acquire 5 customers in clinical diagnostics
- Acquire 10 large customers in the pharmaceutical industry
- Reach more than 5,000 users
Aiforia’s mid-term business targets are:
- Create a product offering that covers 80% of the pathologist’s diagnostic workflow
- Achieve a positive net cash flow from operating activities by the end of 2025
- Achieve revenue of more than EUR 100 million
- Exceed 20,000 users
- Acquire 50 key customer relationships generating annual recurring revenue of EUR 250,000 per customer on average