Catenai PLC (AIM:CTEA), the AIM-quoted provider of technology and digital solutions, has made a second investment of £250,000 in Alludium, a developer of a no-code AI agent operating system, sending its shares up 18% to 0.31p in morning trading.
The investment forms part of a £1 million fundraising round by Alludium at a pre-money valuation of £9 million, and follows Alludium's public commercial launch earlier this month.
It takes Catenai's stake in the pre-revenue company from approximately 13% to 16.1%.
Alludium reported a loss of approximately £33,000 for its first full year of operations, ending 31 August 2024.
A no-code operating system allows businesses to build and deploy software tools without writing conventional programming code, lowering the technical barrier to automation.
Catenai said the investment will be funded from existing cash reserves and that it retains sufficient resources to cover corporate costs for at least 18 months.
In a separate update, the company said Klarian Limited, to which it provided a £450,000 unsecured convertible loan note facility, is expected to repay £624,250 plus fees by 31 March 2026, with an additional charge of £74,910 applying if repayment comes after 28 February.
Klarian will provide a further update in early April, to be followed by a presentation on the Investor Meet Company platform.
Catenai also disclosed that Charlton Athletic Community Trust, the charity arm of the south London football club, has engaged it for a new technology services project, for which the company will receive a modest cash fee.
The board added that it is reviewing a potential Bitcoin treasury policy but has not yet made any purchases.
As part of the investment, Catenai has issued 100 million warrants to Alludium's founders, exercisable at 0.3p per share for a period of 18 months.
John Farthing, interim chief executive of Catenai, said the company believes Alludium's platform has the capability to transform business operations through automation.