The chair of Cykel AI PLC has resigned despite narrowing losses.
Nicholas Lyth has left the company, which is focused on building AI agents, with immediate effect.
Michael Chan will assume the role of chairman on an interim basis pending the appointment of a permanent chair.
The London firm’s products claim to interact with any UI, website or API using natural language commands. Following the launch of autonomous recruitment agent ‘Lucy’, it built a sales agent called ‘Eve’ then a research agent named ‘Samson’.
It reported its first revenue of £4,107 in the six-month period to the end of July, while narrowing losses from £4m to £1.2m.
Cykel said the period marked its transition from product development to initial commercialisation. Since the reporting period, Cykel has raised £2.8m and is actively pursuing additional fundraising.
“Since Eve’s launch, revenue has grown, and the agent now accounts for the majority of new demo bookings, indicating early traction for sales automation within our agent portfolio,” Lyth said just three days ago.
“Looking ahead, we expect Eve to remain central to commercial progress… These initiatives are intended to support scalability and differentiation, but they require sustained investment and execution.
“The company’s ability to realise its strategy is dependent on continuing to secure additional funding.”
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Lyth, who quit as finance chief of Cel AI in June, has experience in quoted companies such as Univision Engineering, Altona Energy, Taihua plc, Phoenix Digital Asset, Supernova Digital Assets, File Forge Technology and Ora Technology.
Cykel AI plc floated on the Aquis challenger market in October 2023, raising £1.75m, then last summer underwent a reverse takeover and relisted on the London Stock Exchange.
This year it said it aims to become the latest company to adopt the trend of building a Bitcoin treasury – in the manner made popular by Tesla and since copied by companies including Cel AI and the Smarter Web Company.
This led to wild swings in its share price.