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 facility is split into three tranches of €5 million, €7 million and €8 million. Each draw depends on revenue and other targets and must take place within 36 months of signing. Each tranche matures seven years after disbursement, with a three-year grace period followed by amortisation.
Aiforia said the proceeds will be used to accelerate development of existing and new image-analysis tools and to expand commercial operations.
Aiforia and the EIB also agreed a cash-settled synthetic warrant arrangement. Warrants will be issued on each drawdown and will not cause immediate share dilution. The terms are consistent with a non-binding term sheet announced on 15 June, under which warrants were 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. Chief Executive Jukka Tapaninen said the facility strengthens Aiforia'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 June term sheet said interest on the Aiforia tranches would be on market terms. In its 3 August statement the bank said the EIB Group is taking a growing role in European venture debt alongside conventional lending.