As we stand at the threshold of a new year, I wanted to take a moment to review the events of 2023 and express my gratitude for your continued support and hard work that the team has done. It has been a year of important milestones for Aiforia as the first deployments of our clinical AI-solutions were kicked-off in key markets.
Major accomplishments of 2023 include:
The analysis of breast cancer patient tissue samples using Aiforia’s software began at the Mayo Clinic Hospital in the US.
Aiforia was chosen as the AI solutions provider for the PathLAKE Plus consortium, comprising 25 NHS hospitals in the UK. The contract award was solidified when the first NHS Trust signed a contract for the adoption of an AI model in clinical diagnostics.
The Veneto Region Health Authority in Italy selected Aiforia as a partner for AI-assisted diagnostics in its clinical pathology laboratories. The full clinical workflow has now been installed and is in pilot use.
Aiforia received a funding decision of EUR 7.3 million from Business Finland to accelerate the development of AI-assisted software solutions for clinical pathology and drug development.
Aiforia announced HIPAA compliancy and initiated the path to secure first regulatory FDA approval in the United States
Cloud deployment options were enhanced so that we can now provide private cloud solutions running on all the three major cloud vendors: Google, Microsoft Azure and Amazon. This enables smooth global deliveries for the vast majority of clinical customers.
We grew our slide and image repository significantly, and enriched our clinical AI models with this more diverse data.
At the time of our IPO, we set the following short-term business targets for 2021–2023:
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
It brings me great pride to announce that, with concerted effort and dedication, Aiforia has successfully met or exceeded three out of four of these predetermined targets. The 2022 changes to the regulation of in vitro diagnostic (IVD) medical devices in Europe affected the registration timeline for Aiforia's new in vitro diagnostic products. We expect to launch our first IVDR-approved AI model next year. Short-term targets for 2024–2025 will be published in January.
Pathology is undergoing a digital transformation, and the market for AI solutions for image analysis is opening up on both the preclinical and clinical sides. Looking ahead to the upcoming year, I believe we have the best team and an offering that will secure our position in an accelerating competitive environment.
Before we close the chapter of this year, I want to say thank you to our team, customers, and shareholders for the achievements of 2023. Your commitment and support have not gone unnoticed. I am excited to see what the next year brings as we continue to follow our mission to transform pathology image analysis with AI, enabling better care for each patient.
Warmest wishes for a merry and bright Holiday Season,