IntelliAM AI floated on London's Aquis Stock Exchange this morning after raising £5 million to grow its artificial intelligence platform, which is used to improve manufacturing efficiency.
The Yorkshire-based company, which works with food and drinks firms including Mars, will be valued at £15.4 million on admission.
Founded in 2023, IntelliAM says it uses AI models to "proactively increase operating efficiency of the existing assets" of manufacturing clients, harnessing masses of data from clients' machines and operational systems and processing them with its IntelliAM platform to provide "actionable insights".
Clients can get help improving productivity, reliability and supply-chain optimisation, as well as energy efficiency and sustainability.
Chief executive and founder Tom Clayton said: "We are delighted to be joining the AQSE Growth Market at a time when we have combined our established manufacturing asset management consultancy with our more recently developed and launched IntelliAM AI platform.
"We believe that this platform has immense and proven potential to reduce unscheduled manufacturing downtime, improve producer operating efficiencies and thereby increase our clients' profitability."
Clayton's other business, maintenance engineering and asset management specialist 53North, which serves major customers such as Mars, Müller and Weetabix, is the source of a strong pipeline of opportunities for IntelliAM.
IntelliAM's chairman is David Richards, former boss of AIM-listed Wandisco, now Cirata PLC (AIM:CRTA), which since he left has been investigated by the Financial Conduct Authority over accounting irregularities.