REG - CYKEL AI PLC - Cykel raises £350,000 of new capital

Cykel AIAnnouncement

08/07/2024 07:00

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RNS Number : 4015V  CYKEL AI PLC  08 July 2024

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8 July 2024

 

Cykel AI PLC

("Cykel" or the "Company")

Cykel raises £350,000 of new capital

Cykel (LSE:CYK), a UK-based technology company specialising in artificial
intelligence ("AI") products that can interact with any UI, website, or API
using natural language commands, is pleased to announce a successful placing
by Clear Capital Markets for a total of 5,833,333 new ordinary shares
("Placing Shares") of £0.01 each in the share capital of the Company
("Ordinary Shares") at an issue price of 6p (the "Placing Price") per Ordinary
Share, raising gross proceeds of £350,000 (before expenses) (the "Placing").
The Placing arises from market demand for the Ordinary Shares following
completion of the Company's reverse takeover and re-listing on the London
Stock Exchange.

Jonathan Bixby, Founder and CEO of Cykel, said: "Following completion of the
reverse takeover and re-listing on the London Stock Exchange, we are delighted
to raise fresh capital. The last few years have seen massive growth in the AI
technology market. A senior London stock market listing will provide us with
the profile, credibility, and access to global capital to drive our growth."

Use of net proceeds

The net proceeds of the Placing will be used to fund the Company's general
working capital requirements.

Details of the Placing

The Placing Shares, when issued and fully paid, will rank pari passu in all
respects with the existing Ordinary Shares in issue and therefore will rank
equally for all dividends or other distributions declared, made or paid after
the issue of the Placing Shares.

The Placing is not being underwritten by Clear Capital Markets or any other
person.

Total Voting Rights:

Application will be made to the Financial Conduct Authority ("FCA") for
admission of the Placing Shares to the standard listing segment of the
Official List and to the London Stock Exchange (the "LSE") for admission to
trading of the Placing Shares on the LSE's Main Market for listed securities
(together "Admission"). It is expected that Admission will take place at or
around 8.00 a.m. on or around 11 July 2024.

Following Admission, the Company confirms that its total issued share capital
will consist of 418,340,862 Ordinary Shares, with one voting right per
Ordinary Share. The Company does not hold any Ordinary Shares in treasury.
This figure may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change in their interest in, the share capital of
the Company pursuant to the FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact:

 Cykel AI plc

 Jonathan Bixby       Via First Sentinel

 First Sentinel (Corporate Adviser)

 Brian Stockbridge    brian@first-sentinel.com (mailto:brian@first-sentinel.com)

  

                      +44 (0) 7858 888 007
 Clear Capital Markets (Broker)

 Bob Roberts          +44 (0) 20 3869 6080

 

About Cykel AI plc:

As the global artificial intelligence market is experiencing unprecedented
growth, Cykel has successfully carved out a scalable and impactful segment by
leveraging machine learning and advanced language models to enhance
operational efficiencies. This strategic focus not only positions Cykel at the
forefront of AI innovation but also uniquely enables our partners to
streamline workflows, reduce time spent on repetitive tasks, and achieve
significant gains in efficiency and ROI.

Cykel remains committed to leading AI-driven solutions that optimise
operational efficiency and improve workflows; thereby allowing businesses to
save time and drive ROI with AI automations.

Founded in 2023, Cykel specialises in developing scalable and innovative AI
products that optimise operational efficiency for businesses worldwide. Our
automation solutions simplify repetitive tasks, enabling employees to
concentrate on strategic and important work. As businesses increasingly
recognise the transformative potential of AI-driven advancements, Cykel
continues to expand its client base, keeping pace with the exponential
adoption rates in the industry.

Product Capabilities:

●    Compatibility with any website

●    Ability to complete complex tasks based on user instructions

●    Customisation for enterprise needs

Ewan Collinge, Founder of Cykel AI, said: "Our team is leveraging our deep
knowledge of AI to meet the rapidly growing demand for AI automation. Cykel is
particularly rewarding because we give back countless hours of our customers'
working week so they can focus on more meaningful work. We are untethering
people from the repetitive tasks that take up so much time in every business."

Management Team:

Jonathan Bixby

Co-Founder

Jonathan Bixby is a serial entrepreneur, active angel investor, board member
and speaker. He has raised over $500M USD in venture capital and has created
over $3B USD in market capitalization in startup companies around the world.
Jonathan has significant experience in the health care, gaming and fintech
sectors, and in particular, was a founder and major investor in Argo
Blockchain (ARB), Guild Esports (GILD) and Cellular Goods (CBX) - all listed
on the London Stock Exchange. He is also the Executive Chairman of NFT
Investments (NFT) admitted to trading AQUIS and he is on the board of Leaf
Mobile (LEAF). Prior to this Jonathan was a founder, board member and investor
in Koho Financial and Blue Mesa Health (Sold to Virgin Pulse). Previous to
this, Jonathan was the CEO of Strangeloop Networks, a networking company which
focused on providing hardware appliances in data centres to speed up web-based
properties. Strangeloop was sold to Radware (RDWR) in 2013. Jonathan was a
founder and Chair of the Board of Ironpoint Technology which provided
technology-based content management services. Ironpoint was sold to Active
Network (ACTV) in 2006. In addition to his investing and entrepreneurial
efforts, Jonathan has been active with several non-profit organizations.

 

Ewan Collinge

Co-Founder

 

Ewan is an entrepreneur and technologist. He has launched ventures in
payments, AI, SaaS, blockchain, consumer products and gaming. His track record
includes two successful exits including taking Ora Technology PLC, an
environmental investing platform, and Kondor AI PLC public in the UK.  He
founded Crowdform, a technology venture studio with teams in the UK, Brazil,
Canada and Singapore, which has created digital products for over 75 startups
as well as major companies like Shell, Sony, and Red Bull. Ewan is also an
investor in early-stage companies and advisor to startups in the UK and
Canada.

 

Leo Mercier

Co-Founder

 

Leo Mercier is an entrepreneur, technologist and investor. As founder and
technical lead at Crowdform, he has built digital products for startups and
major brands globally. He has led product development and go-to-market
strategy for over 20 ventures including Helix Payments, Ora Technology PLC,
MetaKit, Stonks, Automata, Mintstars and Midori Carbon. Leo has built global
engineering teams and led the development of a range of platforms including
financial exchanges, marketplaces, gaming and AI systems. He serves as an
advisor to startups in the UK including StreakAI PLC, an AI company listed on
the LSE.

 

Nick Lyth

Finance Director

 

Nick Lyth is a UK-based experienced finance director and qualified accountant
with extensive experience advising quoted companies including AIM listed
companies Univision Engineering Ltd, Altona Energy PLC and Taihua PLC. For two
years, Mr. Lyth was Group Finance and Purchasing Director of Belle Group, a
manufacturer of engineering equipment operating across Europe, the US and
Asia. He was also Head of Finance at Fothergill Group, a UK manufacturer of
technical industrial fabrics, between 1996 and 2003. In his early career, Nick
was a management accountant at Courtaulds plc and Rotunda plc.

 

 

Jonathan Hives

Non-Executive Director

 

Jonathan's passion for financial services dates back to his University days,
where he studied B.A. (Hons) Finance and Investment Management. At the age of
23 he left the UK to begin his journey in International Financial Planning,
and having lived and worked in three continents, he has first-hand experience
when it comes to cross-border financial planning. Over the last 12 years he
has built up invaluable experience by advising high net worth individuals and
family estates, practising all areas of wealth and succession planning.
Jonathan prides himself on the service he provides, which is highly
personalised, proactive and bespoke to his clients' objectives. He is an
active member of the Chartered Insurance Institute, where he holds the Diploma
in Financial Planning.

 

Robert Mayfield

Non-Executive Director

 

Rob is an experienced international entrepreneur, CEO and VC investor in
various industries, focussed on bringing disruptive technology to market. Rob
is currently the managing director a technology investment fund in the
Netherlands, investing in technologies associated with Leiden University and
the LUMC academic hospital. He previously worked as the Director of technology
transfer, and is also a Director of the Leiden Centre of Entrepreneurship. Rob
has extensive corporate governance experience representing the interests of VC
and private institutional investors, both through the University investment
fund, Libertatis Ergo Holding B.V., with 40 portfolio companies, and
previously as a manager of a multinational corporate VC fund Shell Technology
Ventures Fund 1 B.V., operating in Europe, US and Asia. Rob is currently a
member of the supervisory board of several companies in which the University
holding is an investor, such as inter alia, UNIIQ B.V (a regional investment
fund), In Ovo B.V. (agritech), in which he is also chair of the compensation
committee, Vitroscan BV (oncology), and Bimini Biotech BV (oncology) as well
as a number of digital health technology startups. Rob holds a BEng (Hons) in
Electrical & Mechanical Engineering from the University of Edinburgh and
an MBA from INSEAD.

 

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