Two Chip and AI Firms Raise Fresh Capital for Automotive and Cancer Diagnostics

Separately, Helsinki-based Aiforia secured €20 million in venture debt financing from the European Investment Bank, EU-Startups reported. The financing is supported under the European Commission's InvestEU programme and is structured in three tranches, with an initial tranche of €5 million. Drawing subsequent tranches requires the company to meet revenue and other interim targets defined in the agreement. Aiforia and the EIB also agreed on a synthetic warrant arrangement, which does not immediately dilute existing shareholders.

Aiforia, which provides deep learning AI solutions for pathology, said the funding will accelerate product development and expand its commercial operations internationally. According to EU-Startups, chief executive Jukka Tapaninen said the venture debt financing strengthens the company's financial position and supports its strategy of improving patient care through AI-powered image analysis. Founded in 2013 as a spin-off from the University of Helsinki, Aiforia is publicly traded and operates internationally with thousands of platform users worldwide.

London-based Olix has closed a $312M Series B backed by Arm, Hudson River Trading and Netflix co-founder Reed Hastings, tripling its valuation to $3.3bn two years after launch.