GenIP started life as a London-listed company on Wednesday after the Generative AI analytics specialist raised £1.75m in an oversubscribed fundraise.
Although many retail brokers had not yet to listed GenIP of their platforms in the early hours of Wednesday trade, most trades placed in the stock on Wednesday were at a premium to the IPO price of 39p.
In a statement released on Wednesday, GenIP outlined a strategy to grow revenues through expanding its sales and marketing activities. Investors would have been encouraged to learn its new Generative AI services have already been a big hit with clients who have placed substantial orders for the company’s Generative AI analytics services.
“I’m looking forward to demonstrating GenIP’s revenue-generating capabilities as we assist our clients in commercialising leading technological innovations,” said Melissa Cruz, CEO of GenIP.
GenIP will allocate the proceeds of the IPO to ramp up sales and marketing efforts, which have already been proven to support the company’s long plans. The company works with some of the world’s leading research institutions to commercialise technological innovations. Each year, thousands of startups are launched based on university-generated technology. GenIP’s services will feed directly into this process and help bring exciting new discoveries to market.
The Generative AI company is led by a world-class board, including Lord David Willetts, President of the Resolution Foundation and Chair of the UK Space Agency, and Dr David Gann, Chair of UK Industrial Fusion Solutions and non-executive director of VenCap International plc.
“GenIP has laid the foundations for robust growth, and I’m delighted to have the opportunity to lead the board as we deliver Generative AI analytics services to some of the world’s leading research institutions,” said Lord David Willetts, GenIP’s Non-Executive Chairman.