Cykel AI PLC (AQSE:CYK), a London-based company developing advanced artificial intelligence (AI) products, got a warm welcome as it floated on London’s Aquis Stock Exchange this morning, with its shares zooming higher.
It raised £1.75 million from a subscription and placing at a price of 3p per share, and in early trades the price more than doubled to 7.5p.
The company said it is developing a machine learning model that “seamlessly engages with all facets of the user's computer environment”, so it will be trained to make use of the capabilities of all existing software tools, APIs and web-based applications available.
In other words, it said, the software will be an “AI co-pilot” to take over any repetitive digital tasks, such as sending an email, placing an order, updating a spreadsheet, or adding a new lead to Salesforce – all from simple typed commands.
Cykel's co-founder and executive chair is Jonathan Bixby, the Canadian serial entrepreneur behind Aquis-listed NFT Investments (AQSE:NFT) and co-founder of Argo Blockchain, Guild Esports and Cellular Goods.
He said Cykel AI will "use the power of AI technologies to transform business processes by making mundane digital tasks such as filling digital forms, managing work tools like spreadsheets or booking meetings and holidays infinitely quicker and easier. Where AI is the 'brain', Cykel AI will be the 'hands' that will make performing tasks in the digital world quicker and easier."
The fundraising exceeded expectations, he added, with £1 million more than had been targeted.
Finance director Nicholas Lyth is also chief finance officer at NFT as well as decentralised finance incubator AQRU (AQSE:AQRU), while also bringing experience from a number of AIM-listed companies.
UK consultancy firm Toro Consulting is the largest shareholder, with 24.37% on admission.