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Dear customers, partners, shareholders, and our team,
As we enter a new year filled with possibilities, I want to reflect on the impact we made in 2024. Several healthcare providers in Europe are now using Aiforia’s AI solutions in clinical diagnostics. This brings us closer to Aiforia’s mission of transforming pathology image analysis with AI and enabling better care for each patient. I am incredibly proud of what we have accomplished together, and I look forward to continuing this journey in 2025.
Aiforia's 2024 key achievements include:
- Fimlab Laboratories, Regional health management of Castile and León, AP-HP, and Memorial Hospitals Group selected Aiforia as the provider for AI-assisted pathology image analysis solutions in clinical diagnostics
- A US-based veterinary health company selected Aiforia as its partner for AI-assisted image analysis in animal samples
- Several partnerships were formed with other industry players and resellers worldwide to support Aiforia’s growth strategy
- Aiforia completed a new share issue, raising EUR 9.95 million to enhance the R&D function and accelerate the regulatory approval processes
- Aiforia signed a licensing agreement with the Mayo Clinic for a prognostic AI model, Aiforia® Colorectal Cancer QuantCRC, that improves the prediction of colorectal cancer recurrence. The AI model was developed and validated in collaboration with the Mayo Clinic already earlier, and the user interface to Aiforia® Platform was developed in 2024.
- Aiforia released Aiforia® Studies, a pioneering GLP-compliant AI-assisted image analysis workflow for non-clinical histology studies
- Aiforia® Clinical Suites were integrated into the diagnostic workflows of the customer sites at several laboratories
- New AI models were developed to broaden our clinical offering in 2025, and the clinical user interface was upgraded, making it even more intuitive and interactive to use
- AI model development tool Aiforia® Create was equipped with several new leading-edge functionalities, such as advanced multichannel support for Immunofluorescence and FISH models and capabilities to use external AI models (such as foundation models) for transfer learning
- Aiforia® Bridge integration software was launched, enabling seamless interfacing with any external systems at customer sites
At the beginning of the year, we published Aiforia’s updated short-term business targets for 2024–2025. In 2025, we will continue our efforts to achieve these targets:
- Expand pre-clinical offering with new AI models and study-centric GLP workflow
- Expand clinical offering with 10 new regulatory-approved AI models
- Form at least three new strategic partnerships
- Achieve 15 key accounts (potential for over 500 EUR thousand in annual recurring revenue)
- Achieve a positive cash flow from operating activities.
The digital transformation of pathology is accelerating, and the demand for AI-powered image analysis solutions is rapidly increasing. Aiforia is at the forefront of this exciting evolution, with a strong team and cutting-edge offerings that position us for continued success in this dynamic market. We are confident in our ability to navigate the evolving competitive landscape and deliver exceptional value to our customers in the year ahead.
As 2024 comes to a close, I want to express my gratitude to everyone who contributed to Aiforia's achievements this year. Your hard work, dedication, and support have been instrumental in our journey. We're excited about what the future holds as we continue to innovate and improve patient care through AI.
Wishing you a season filled with warmth, joy, and peace.
Jukka Tapaninen
CEO
Aiforia Technologies Plc