The European Investment Bank has signed a €20 million venture debt facility with Aiforia Technologies, the Helsinki-listed digital pathology company. Aiforia announced the binding agreement on 31 July 2026. The EIB published the transaction on 3 August. The financing is supported by the European Commission’s InvestEU programme.
The company said the money will be used to accelerate product development of existing and new image-analysis tools and to expand commercial operations. The facility is split into three tranches of €5 million, €7 million and €8 million. Each draw depends on revenue and other targets, all within 36 months of signing. Each tranche matures seven years after disbursement, with a three-year grace period and amortisation thereafter.
Aiforia and the EIB also agreed a synthetic warrant arrangement on terms consistent with a non-binding term sheet announced on 15 June. Warrants are issued on each drawdown, cash-settled, and do not cause immediate share dilution. The June terms described warrants equal to half of the first tranche, 40 per cent of the second and one-third of the third, struck at 95 per cent of the preceding market price. The signed agreement includes non-financial covenants, including EIB consent for a change of chief executive or chair.
Aiforia, founded in 2013, sells software that analyses biopsy images to support tumour detection. It is headquartered in Helsinki, listed on Nasdaq First North Growth Market Finland, and has subsidiaries in the United States and France. Jukka Tapaninen is chief executive. He said the facility strengthens the company’s financial position and will support product development and international commercial expansion.
The venture debt follows a directed share issue completed on 25 June 2026, which raised about €6.4 million of equity from institutional and other qualified investors through an accelerated bookbuilding. Aiforia issued 3.6 million new shares, taking the registered share count to 37,386,604. The June placing came ten days after the EIB term sheet. The company listed on First North in December 2021, raising about €29 million of gross proceeds in the IPO.
The EIB described the deal as venture debt under InvestEU, the EU programme that uses a budget guarantee to crowd private and public capital into policy-priority projects. In its 3 August statement the bank said the EIB Group is taking a growing role in European venture debt alongside conventional lending. The June term sheet said interest on the Aiforia tranches would be on market terms.