Sundae Bar floats on AIM to develop AI agent platform
Last updated: 08:47 03 Jun 2025 BST, First published: 07:48 03 Jun 2025 BST
Sundae Bar Plc, a company that says it is "creating a marketplace for AI agents" branded sundae_bar, has floated on London's junior market after raising £2 million in an initial public offering and moving up from the Aquis Exchange.
The shares jumped 25% to 10p in early trading.
The London-based company, formerly known as Kondor AI, is chaired by serial entrepreneur Jonathan Bixby, founder of businesses including Argo Blockchain PLC (LSE:ARB, NASDAQ:ARBK), Cel AI PLC (LSE:CLAI) and Cykel AI PLC (LSE:CYK).
The chief executive is Jill Kenney, former director of media and communications for Red Bull Canada.
It says its business is to operate as a marketplace platform designed to "connect developers and AI agent developers with businesses and end-users seeking intelligent automation solutions".
It added that it is "creating infrastructure intended to accelerate AI commercialisation while amplifying human potential through strategic AI collaboration".
AI agents are essentially digital workers: software programs capable of autonomously performing tasks, making decisions and adapting behaviour based on feedback from their environment without requiring constant human intervention.
Estimates from Statista suggest the market for AI agents is expected to grow from £5.1 billion in 2024 to $47.1 billion by 2030 and Sundae Bar feels there is currently no dominant player. (Bixby's Cykel AI was involved in AI agents and business automation, but last week said it was pivoting to a Bitcoin-based treasury strategy.)
Kenney said the sundae_bar platform "has been designed to give developers the tools to scale and monetise their innovations while providing businesses and individuals with a trusted, streamlined way of accessing AI solutions".
Last month, the company completed its acquisition of Aquis-listed Ora Technology, which owns marketplace infrastructure that it had been developing for digital carbon trading.
The admission of its shares to AIM marks a "major step in sundae_bar's growth journey, allowing us to accelerate the development and launch of our AI Agent marketplace platform".
The IPO saw a placing of 25,000,000 new shares at a price of 8p apiece, with a total of 411,730,039 shares in issue giving a debut market capitalisation of £32.9 million.
The company said it has "a skilled and varied team to develop, operate and maintain its software with experience in developing AI-powered products and/or management of public companies and capital markets". Its admission document said it had just four employees at last count.
** Update: Adds share price movement **
