Entrepreneur and former UK science minister Lord Paul Drayson's Sensyne Health has this morning floated on the AIM market of the London Stock Exchange.

The healthcare technology company uses artificial intelligence to develop medical products and services.

Led by chief executive Lord Drayson and chaired by Professor Sir John Bell, Sensyne works in partnership with university and NHS trusts to develop software that connects patients, clinicians and researchers.

It has successfully raised £60 million through a placing of almost 34.3 million shares.

"Today marks an important milestone for Sensyne Health," Lord Drayson said.

"The strong support from institutional investors for our IPO will enable us to grow our team of highly skilled clinicians, data scientists and software developers to use the power of clinical AI to improve patient care and accelerate the development of new medicines."

He added that Sensyne’s evolution into a public company has "already stimulated further business development interest in our work".

In a recent interview with BusinessCloud, Lord Drayson spoke about his ambitions to build world-leading technology company.

"I want it to become one of the world's leading technology companies, realising the potential of artificial intelligence in healthcare but doing it in an ethical way," he said.

"The last company that I built reached a market cap of $890 million – this company has the potential to be significantly bigger than that."

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