RenalytixAI, a spin-out from Welsh medical diagnostics company EKF Diagnostics, has raised £21m through a placing. The company plans to list on AIM.

Insider Media reports the share issue values RenalytixAI, a developer of AI enabled clinical decision support solutions for kidney disease, at £63.9m. The company, which plans to launch a further restricted offer to raise up to £3.5m more in gross proceeds, intends to list by October 31st 2018.

RenalytixAI believes that raising money in a public market context provides a signal of quality to prospective partners and customers, raises the profile of the business and its products and provides a supportive platform on which to grow the business further through in-licensing of additional technologies or selective acquisition as appropriate.

Next year the company intends to launch KidneyIntelXTM, an AI enabled clinical laboratory based product intended to support physician decision making by improving identification, prediction, and risk stratification of people with progressive kidney disease.

The board of Penarth-headquartered EKF believe there is substantial additional shareholder value to be created in RenalytixAI, assuming successful execution of its plans.