IQ-AI raises £0.25m to accelerate development of imaging biometrics projects

IQ-AI announced on Wednesday that, following “strong demand” from existing and new shareholders, it has raised £0.25m through the placing of 7,142,857 new ordinary shares at a price of 3.5p each.

The London-listed firm said the funds would be used to accelerate the development of its current imaging biometrics artificial intelligence (AI) projects.

Those included ‘Stone Checker’, with growth there being seen in response to “rapidly growing interest” in the technologies by medical practitioners.

“It is expected that the placing shares will commence trading at 0800 BST on 1 July,” the IQ-AI board said in its statement.