The minutes of the General Meeting can be found on Aiforia’s website (investors/AGM2026)
It was a close call; 65% voted in favor, while 2/3 (66.67%) was required.
The EGM indeed has the same proposal, so if the opposing shareholders had an alternative financing plan, the board hasn’t taken it up yet.
I personally plan to register and support the offering. Fuel is needed when reaching for the stars!
Keep these coming, more and more, although they are unfortunately slow to monetize.
The wait is long, especially since all parties must proceed slowly through pilots for each cancer type separately before this becomes mainstream.
*> Aiforia selected as AI partner for PROSTIA project – expanding to five new hospitals in Paris
Aiforia France, a subsidiary of Aiforia Technologies Plc, has been selected as the AI partner for the PROSTIA project led by Assistance Publique–Hôpitaux de Paris (AP-HP). In this project, Aiforia’s CE-IVD marked prostate cancer diagnostic solution will be implemented across all AP-HP pathology sites involved in the treatment of prostate diseases, expanding the collaboration started in 2024 at AP-HP’s Bicêtre and Saint-Louis hospitals to five new hospitals.
Through the project, all 3,000 prostate biopsy cases examined annually at AP-HP will be analyzed using Aiforia’s AI technology. This is one of Europe’s first large-scale implementations of AI in routine pathology.
The new agreements are part of the two-year PROSTIA project funded by Bpifrance, which is a significant, large-scale strategic initiative supported by the national France 2030 program. The project aims to evaluate the impact of AI-assisted tools on prostate cancer diagnostics.
PROSTIA is a flagship project that illustrates the large-scale implementation of AI in clinical diagnostics and its concrete, measurable effects on organizations and pathology workflows. The goal is to evaluate the medical, operational, and economic impacts of AI integration on routine pathology diagnostics, specifically for prostate cancer samples. This medical and economic evaluation will provide the baseline data to consider including AI solutions in the pathology reimbursement system. In the long term, the project aims to expand the use of AI to other use cases.
”Our participation in the PROSTIA project is a significant milestone in bringing AI-assisted diagnostics into routine clinical use in France. The project lays the groundwork for the broader adoption of AI across various pathology use cases. France is an important market for us, and it is great to be able to support hospitals in integrating AI into pathology workflows,” says Aiforia CEO Jukka Tapaninen.
Aiforia selected as AI partner for PROSTIA project - expanding to five new hospitals in Paris Aiforia on valittu tekoälykumppaniksi PROSTIA-hankkeeseen - laajentaa viiteen uuteen sairaalaan Pariisissa
Here are Siltanen’s comments regarding the recent news above. 
Aiforia announced on Thursday that it has been selected as the AI partner for the French PROSTIA project. With the agreement, the company’s prostate cancer diagnostic solution will be implemented in five new Assistance Publique–Hôpitaux de Paris (AP-HP) pathology sites, in addition to the previous two. In our assessment, the two-year project includes the possibility of long-term use of Aiforia’s solutions in these hospitals, both for prostate cancer and potentially for other use cases later on. The announcement supports our growth forecasts for the coming years.
I guess this can be shared here too, it feels like there is plenty of confidence.
I read it, and I largely see this case the same way, even if Nuways is sometimes accused of being a bit half-baked.
The most important things for me are:
On the risk side, I guess there are some, someone else can write about this; I’m having a positive morning today with the spring sun.
Well, perhaps that some parties have ended up in the ownership who want growth without growth capital, or who want some alternative strategy that I don’t understand, let’s see how it goes at the EGM.
Disclaimer: Second-hand information from webcast.
Another contract in the bag: Aiforialle sopimus yksityisen diagnostiikkalaboratorion kanssa Italiassa | Kauppalehti
“Laboratorio La Fontana aims to develop deep learning AI models for cervical cancer detection by utilizing Aiforia’s unique AI model development platform, Aiforia® Create. The AI models will be implemented in the laboratory’s clinical workflow. The goal is to also implement other AI applications related to women’s healthcare.”
Aiforia doesn’t seem to have its own model for cervical cancer yet? I wonder if Aiforia has the right to use AI models developed by customers to expand its own portfolio? It would sound like quite a good deal to sell customers software suitable for AI model development and then cherry-pick the best parts for their own use 
Yes, I believe that’s exactly the case. But as I understand it, the party that developed the model also gets a certain percentage of the revenue. In any case, it’s great if the portfolio expands rapidly like this as new users/research teams join, and as I understand it, a significant or even the most significant portion of the revenue comes to Aiforia “for free.”
I think this announcement was a bit unclear. They are only just developing the model, and wouldn’t its implementation in clinical patient work still require a separate permit? If no permit exists for this yet, the commercial significance is minor.
It is indeed a bit curious.
“La Fontana aims to develop deep learning AI models for identifying cervical cancer by utilizing Aiforia’s unique AI model development platform, Aiforia® Create.”
But on the other hand:
“The AI models will be implemented in the laboratory’s clinical workflow. The goal is to also deploy other AI applications related to women’s health.”
“In this way, we ensure that we can provide faster and higher-quality diagnostics to more patients”
I don’t know exactly how the permits and approvals work, but could it be that they first develop the model and then deploy it?
The commercial significance is likely small, at least for now, but this is indeed very good news for the development of Aiforia’s algorithms and models. Of course, it is always good news that Aiforia specifically was chosen instead of other platforms. It strengthens Aiforia’s leadership in the field and provides good references.
E: “The goal is to also deploy other AI applications related to women’s health.”
This could refer to Aiforia’s breast cancer model, at least.
This isn’t just “another new model,” but rather indicates that the suitability of Aiforia’s tools is being tested in new areas. Phrases like “any image analysis application” and “high-volume diagnostics” could refer to Pap smears, which would imply significant volumes, as this also involves population screening—specifically, cervical cancer screening. Screening is shifting toward testing for the cancer-predisposing papillomavirus (HPV), but Pap samples are still taken in large quantities.
A standard histology slide is simpler compared to the thick cytology mass of cells, blood, and mucus that constitutes a Pap sample, so it remains to be seen what Create is capable of. It cannot detect the viral genome, but it should be able to identify cellular changes caused by the virus, especially if a specific stain is developed for them.
If it works, it would represent a truly significant scaling.
Here are Siltanen’s comments on Aiforia’s recent contract.
Aiforia announced on Thursday that it has signed a cooperation agreement with the Italian Laboratorio di Analisi La Fontana for AI-assisted digital pathology. The release continues the company’s series of positive steps in the European market. The individual contract is likely modest in size, so it has no impact on our forecasts.
I haven’t quite grasped Create’s business model, and therefore its potential. Yesterday’s announcement concerns a project for a fairly small lab, meaning Create enables even a small firm like that to potentially develop a clinical application for high-volume indications? Is there so-called 3rd party ecosystem potential here, where partners build applications and Aiforia receives some volume-based platform license fee?
The most confusing thing when I looked at Create on Aiforia’s website is this:
“Thousands of AI models have been developed with Aiforia® Create for research and clinical use cases; applications ranging from cancer research to neuroscience and even outside the medical field.”
That’s an insane amount—so what exactly is this Create about? If anyone understands, please share
I put your question to our AI as a test, and it gave a good answer (it relies on our extensive report and comments, so it’s not basic AI slop) Inderesin Nora AI
Aiforia Create is a central part of the company’s strategy, and it is specifically the “toolbox” that allows users to build AI models themselves without programming knowledge. Here is a summary of Create’s business model and potential based on Inderes’ analysis and the company’s releases:
1. What is Aiforia Create and where do the “thousands of models” come from?
Aiforia Create is a cloud-based platform where pathologists and researchers can annotate (mark) sample images and teach the AI to identify specific biomarkers or cell structures.
- Why thousands of models? This number reflects Create’s wide use, especially in preclinical research (universities, drug development). Researchers around the world are building very specific models for very narrow research topics (e.g., a specific protein in a mouse brain or malaria identification).
- Every new research question or biomarker often requires its own model. Therefore, the number grows rapidly, even though not all models end up in broad clinical use.
2. Business Model: SaaS + Volume
Aiforia’s business model is based on recurring billing, which typically consists of two parts:
- Platform License (SaaS): The customer pays for the right to use Create or other solutions (fixed annual fee).
- Usage-based fee (Volume): The revenue stream is tied to the number of samples analyzed.
3. “3rd party ecosystem” and clinical potential
You were right: there is a strong ecosystem element in Create.
- LDT (Laboratory Developed Test): Clinical laboratories (like the Italian La Fontana yesterday) can use Create to develop their own AI models and validate them for their own clinical use (so-called LDT tests).
- Potential: Aiforia does not need to develop and seek expensive regulatory approvals (such as CE-IVD or FDA) for every possible indication itself. Create provides tools to partners who do the work locally. Aiforia receives scalable income from this via platform usage and sample volumes.
- Strategic Role: While Aiforia has its own ready-made “Clinical Solutions” models (e.g., for breast and prostate cancer), Create allows the company’s platform to spread into laboratory workflows even through diagnostic needs for which there is no ready commercial product yet.
4. Italian laboratory example (La Fontana)
Yesterday’s release about the Italian laboratory is a good example of this:
- Even a small laboratory can use Create to “digitize” and AI-assist its own diagnostic process (in this case, cervical cancer screening).
- Although an individual contract is, according to Inderes’ estimate, moderate in size, it is an important opening in the Italian market and demonstrates how Create enables the expansion of clinical use.
Summary: Create’s potential lies in making Aiforia the “Windows of AI” for pathologists – a platform on which others build their applications, and Aiforia collects revenue based on the utilization rate.
Sources: Inderes’ extensive report 2025 and analyst comment April 24, 2026.
In addition to this, Aiforia can also take a model developed by its customer into its own product portfolio and gain benefits for the entire customer base:
Licensing a model developed by a partner (Case Mayo Clinic)
Mayo Clinic is Aiforia’s strategic partner, and they have used Aiforia Create to develop their own AI models.
- How does it work? Mayo Clinic developed and validated a colorectal cancer prognosis model (CRC) that can predict the risk of cancer recurrence based on sample images.
- Commercialization: Mayo Clinic has licensed this model it developed to Aiforia. This means that Aiforia can now sell this world-class expertise developed by Mayo Clinic to its other customers around the world as part of its “Clinical Solutions” range.
- Benefit: Aiforia gets a finished product with a world-class brand for sale, and Mayo Clinic likely receives royalty payments fro
Thank you Antti and Nora for the great answer; I received some new information, and Aiforia’s business gained even more wind in its sails in my books 
Are there any coffee chats or opportunities to catch up with the CEO coming up this spring or early summer, like there were last November? Since Aiforia only reports semi-annually, it would be nice to hear an update, as quite a few things have happened in the meantime. @Antti_Luiro @Antti_Siltanen
Aiforia Technologies Plc, Press Release, April 27, 2026, 9:00 AM
Fimlab Expands Use of Aiforia’s Clinical AI Solutions
Aiforia Technologies Plc announced today that Fimlab Laboratories has expanded its use of Aiforia’s AI solutions in routine diagnostics. In 2025, Fimlab implemented Aiforia’s AI models for breast cancer classification and biomarker analysis in the first deployment phase under a previously concluded framework agreement. Now, Fimlab has also clinically adopted a customized AI solution designed by Aiforia specifically to meet their needs in quantifying the Ki67 biomarker in various organs.
Here are Siltanen’s comments regarding this latest news.
Aiforia announced on Monday that Fimlab, Finland’s largest healthcare laboratory company, is expanding the use of Aiforia’s clinical AI solutions in routine diagnostics. Fimlab is expanding the Ki67 biomarker assessment from breast cancer diagnostics to several new applications. The expansion increases the number of clinical samples analyzed, which we believe is the most important driver for Aiforia’s revenue in the long term. We are keeping our forecasts unchanged for now, as we already expect very strong revenue growth from the company.
Surprisingly little is being said regarding Aiforia about the sufficiency of the company’s cash position. I can’t deny that a company like this has tempted me to become a shareholder, but every time I look at the figures, I decide it’s not my thing. Isn’t additional funding inevitable next year?
So, the company itself expects to turn a profit next year?
It’s perhaps not talked about all the time because it’s a given in a story requiring growth capital—the name of the game, so to speak.
The company apparently expects explosive growth on the clinical side, as they have pointed out on a few occasions that they could be “financially independent” by the end of 2027 if they wanted to. In my back-of-the-envelope calculation, that would mean a 100% per annum growth rate and yet a slight decrease in the cost level (which has also been signaled).
In a couple of weeks, authorization for a share issue will be sought at the EGM. If it is not granted, the shareholders must have some other financing/quick exit idea in their back pocket; otherwise, the company cannot execute its aggressive growth strategy.