Strengths

The field of pathology is the engine that drives healthcare to understand disease — from research into elucidating their pathways, evaluating novel drugs, and diagnosing disease, pathology is crucial to the healthcare system. In pathology the same methods have been used for the last 150 years to conduct this research and analysis. The traditional methodology based on microscopy, harbours limitations such as being manual, time-consuming and prone to subjectivity.

Aiforia believes that pathology is ready for disruptive and more efficient technologies and a growing demand for AI-based technology is seen. The paradigm shift is underway as digital technologies are expected to be increasingly adopted in labs and hospitals across the world.

Aiforia's cloud based deep learning artificial intelligence (AI) solutions aim to increase the speed, accuracy and consistency of analysing large and complex medical images across a variety of fields. Automating routine tasks, providing AI-supported diagnostics to improve clinical workflows and diagnostic quality to ultimately help improve personalised treatment of patients.

According to Aiforia’s assessment, AI will affect the way pathologists work and these are Aiforia’s key strengths highlighting why the company is well positioned to provide the tools needed for this transformation:

Key strengths

Existing AI technology and software solutions

• In preclinical research: deep learning, cloud-based product, Aiforia Create, that is already on the market and used by customers around the world from major pharma and biotech companies as well as well-known academic research institutes
• In clinical diagnostics: software solutions that are already commercialised with the CE-IVD marked Aiforia Clinical viewer, the CE-IVD marked ki67 AI Model for breast cancer diagnostics, and the CE-IVD marked PD-L1 AI Model for lung cancer diagnostics
• Numerous publications in scientific journals have referenced Aiforia’s products across a wide range of medical fields
• Internationally recognised certifications of Aiforia’s information security management compliant with ISO 27001:2013, as well as quality management system compliant with ISO 13485:2016 — an internationally recognised standard for medical devices

Versatile platform adaptable to customer's needs

• The versatile software allows the user to develop and train deep learning AI models to analyse any 2D image
• The intuitive interface of the platform allows the user to train neural networks to create an AI model without any coding or prior computing experience
• Over 400 AI models for preclinical research have already been built with Aiforia Create for a wide range of applications, for example to count neurons in neuroscience research or to automatically grade tumors for breast cancer diagnostic support as well as for use cases beyond the medical realm, such as for analysing satellite images
• Open API enables integration to any workflow, meaning users do not need to adapt to meet Aiforia’s needs but Aiforia’s software solutions can be adapted to meet the needs of for example existing hospital IT infrastructure

Cloud-based platform for managing, sharing and analysing large images

• Stores large images, the cloud native, scalable software architecture enables seamless handling of gigapixel-sized images and AI results
• Scales easily according to the user’s own needs, meaning there are few limitations to the complexity of analysis and results can be obtained faster than with traditional local software
• Remote access means users can work and collaborate flexibly with the ability to use the Aiforia software solutions remotely and colleagues can also view the same screen simultaneously from remote locations
• Automatic access as the software requires no installation so users can get started immediately and will also have instant access to the latest updates and features without the need to install, wait and delay their work for these

Scalable business model with multiple opportunities

• Scalable SaaS business model, once an AI-model has been developed it can be sold widely without additional development costs
• Additional fees come from annual fees and usage-based fees that are dependent on many factors like number of samples to be analysed and the complexity of analysis
• Low capex from outsourced cloud services, also enabling a very high capacity to meet customer demands
• Multiple sales channels through direct sales, via partners, and OEM

International team highly skilled in technology and life sciences

• 6 countries across which the Aiforia team is spread in Europe and North America
• 25% of the staff have a doctoral degree which Aiforia believes contributed to the over 70% net promoter score received in a customer survey in 2021, as participants often cited the team’s deep understanding of AI and pathology
• Over 100 years combined experience is held by the Aiforia software and technology teams from developing and delivering AI-based software services and products
• Highly experienced management and commercial teams from working at international pharma and biotech companies as well as an advisory board composed of internationally recognised experts in the fields of pathology, medical image analysis, and cancer diagnostics