Business
Interim results for the 6 months to 30 June 2024
Interim results for the 6 months to 30 June 2024.
About this update from Defi Development Corporation Uk Plc
[{"type":"text","content":"\n\n01 October 2024\n \nCykel AI PLC\n \n(\"Cykel\" or \"the Company\")\n \nInterim results for the 6 months to 30 June 2024\n \nCykel (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, announces its unaudited financial results for the six months ended 30 June 2024.\n \nHighlights:\n \n· Successfully completed the acquisition of Aquis-listed Cykel AI plc (now called Cykel AI Development Ltd) on 27 June 2024 with a combined market capitalisation of approximately £20million\n \n· The acquired Company, now called Cykel Development AI Ltd:\n \n§ Raised a total of £0.3million in a pre-IPO funding round \n§ Successfully completed an IPO on London's AQSE Growth Market (AQSE) on 25 October 2023 with a market capitalisation of approximately £6 million \n§ Raised £1.75million in total before expenses via a placing and subscription at 3p per share at flotation\n§ Successfully launched the Cykel AI product and partnership program\n \nOutlook: \n \n• The deal flow of potential partners and clients remains strong and the Directors continue to evaluate exciting new opportunities that will generate long-term value for investors\n• The Company is well positioned to take advantage of the growing B2B AI market as it continues to develop rapidly.\n \nCommenting on the results, Jonathan Bixby, Executive Director of Cykel AI, said:\n \n\"The successful acquisition of Aquis-listed Cykel AI plc (now called Cykel AI Development Ltd) and the Company's successful readmission to trading on 27 June 2024 and fundraise indicates investor appetite for this innovative chapter in B2B AI. It has provided us with the capital and agency to become a credible player in this nascent market. We look forward to making further progress in this exciting space as investors continue to gain confidence in the development of our technical capabilities\"\n \nThe directors of Cykel AI plc accept responsibility for this announcement.\n \nMarket Abuse Regulation (MAR) Disclosure\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations...