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London HQ’ed startup Cykel AI issued a trading update this morning on impressive 68.4% month-on-month growth illustrating the emerging enterprise appetite for its autonomous digital workers. The acceleration from demo activity to revenue conversion suggests the market is transitioning from experimentation to production.
Earlier this month we covered the launch of Eve, an autonomous AI sales agent designed to ‘revolutionise’ B2B sales operations and accelerate revenue growth. The firm’s expanding portfolio also includes Lucy (recruitment) and Samson (research analysis) all built on TaskOS - Cykel's proprietary AI agent infrastructure. Of the three agents, revenue growth is being currently driven primarily by Lucy it’s recruitment agent, highlighting the natural fit between AI automation and high-volume, process-driven functions. Recruitment's repetitive workflows and talent shortage pressures create ideal conditions for AI agent adoption. Indeed, we covered Capita’s launch of a recruitment-as-a-service tool built on Salesforce's Agentforce platform just a week ago.
Cykel’s enterprise agreement with contract research organisation Transpharmation and its expanding US customer base indicates scalability beyond early adopters. Converting 500+ demos into measurable revenue growth demonstrates product-market fit in a notoriously cautious enterprise segment. The firm’s proprietary TaskOS infrastructure also provides potential differentiation in an increasingly crowded AI agent market. However, this morning’s release also referenced the introduction of a new “Bitcoin treasury strategy” which to me raises questions about management focus amid the demands of rapidly scaling the business.
Cykel’s growth fits with the broader AI agent market momentum, though sustaining this will depend on client retention and expansion revenue. Cykel's multi-industry approach should position it for the anticipated AI agent proliferation, assuming its delivery quality maintains pace with client ambitions.
Cykel AI was co-founded in 2023 by Jonathan Bixby and Ewan Collinge. Bixby is a serial entrepreneur and active angel investor who also co-founded KOHO financial (a Canadian fintech company), Argo Blockchain (crypto miner) and a number of eSports organisations. Collinge is also co-founder of venture building Crowdform, AI startup Kondor AI, and advisor at carbon credit investment platform Ora Carbon (See - Cykel launches AI agents). The business has yet to turn a profit, posting revenue (for the year ending Jan 2025) of £817k, on a loss of -£2.6m.
Posted by: Marc Hardwick at 09:24
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trading update
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