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IQ-AI Limited raises £250,000 via a placing at 3.5p per share

The group said the funds will be used to accelerate the development of its current Imaging Biometrics Artificial Intelligence (AI) projects, including Stone Checker

Artificial intelligence
The group said its broker, Peterhouse Capital placed 7,142,857 new ordinary shares

IQ-AI Limited (LON:IQAI) announced that, following strong demand from existing and new shareholders, it has raised £250,000 through a placing of 7,142,857 new ordinary shares at a price of 3.5p each through Peterhouse Capital, the company's financial adviser and broker.

The group said the funds will be used to accelerate the development of its current Imaging Biometrics Artificial Intelligence (AI) projects, including Stone Checker, in response to rapidly growing interest in these technologies by medical practitioners.

READ: IQ-AI surges as Imaging Biometrics signs business development deal with CorTechs Labs

Back in June, IQ-AI shares got a boost after its subsidiary, Imaging Biometrics (IB), signed a non-exclusive business development and sales deal with brain analysis firm CorTechs Labs.

The medical software and services group said the agreement would provide its products with “extended and immediate” sales representation in the US and other international markets, while CorTech would add IB’s software and exclusive algorithms to its portfolio.

Quick facts: IQ-AI Limited

Price: 4.85 GBX

LSE:IQAI
Market: LSE
Market Cap: £6.78 m
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