Shares in Cykel AI PLC made a positive start to trading in London on Wednesday, after the artificial intelligence technologies firm raised £1.8 million in its initial public offering.

London-based Cykel AI placed 58.3 million new shares at 3.00 pence each. The placing was conducted by Clear Capital Markets. Cykel has 205.2 million shares in total, so it had a £6.2 million market capitalisation at the IPO price.

However, the stock last traded at 9.00p on Aquis Stock Exchange, triple the IPO price. AQSE reported 11 trades in Cykel shares so far on Wednesday morning, ranging from 5.00p to 9.00p.

Co-Founder & Executive Chair Jonathan Bixby said the IPO exceeded the company’s expectations, raising £1.0 million more than its target. He said this reflects the ‘huge opportunity that AI technology presents’.

‘Cykel AI is building a natural language processing technology that takes both spoken and typed requests from humans and performs tangible digital actions,’ Bixby said, explaining the company’s strategy. ‘Its machine learning model will seamlessly engage with all facets of the user’s computer environment.’

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