Cykel AI PLC on Tuesday remained positive of growth opportunities in artificial intelligence despite widened half-year losses.

The UK-based technology company specialising in AI said pretax loss widened to £4.0 million in the six months to June 30 from £1.5 million a year prior.

Revenue was £466,000 compared to nil before but administrative costs ballooned to £4.1 million from £292,756.

Looking ahead, Cykel said the deal flow of potential partners and clients remains strong and the firm continues to evaluate ‘exciting’ new opportunities that will generate long-term value for investors.

‘The company is well positioned to take advantage of the growing B2B AI market as it continues to develop rapidly,’ it stated.

On Monday, Cykel said it had raised £750,000 via an oversubscribed placing at 5.25 pence per share.

Proceeds will be used to fund general working capital requirements, it said.

Shares in Cykel AI fell 5.6% to 4.84 pence each in London on Tuesday.

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