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Cykel AI PLC on Tuesday announced the appointment of Michael Chan as chief executive officer, and that Chair Jonathan Bixby has stepped down. Ewan Collinge, Chan’s predecessor as CEO, has transitioned effective immediately to become Cykel’s chief AI officer, focused on ‘AI product development and technical innovation’. Chan also takes up the CEO role with immediate effect, and will be made an executive director subject to the completion of advisers’ due diligence. Cykel AI noted that Chan previously served as managing counsel & global head of corporate legal at cryptocurrency exchange Binance. Additionally, he ‘was recently general counsel for one of the fastest-growing crypto start-ups of 2024...His broader career includes senior roles at [telecommunications company] VEON and a Middle Eastern sovereign wealth fund, advising on significant M&A and corporate finance transactions,’ the company said. Furthermore, Cykel AI announced that Chair Jonathan Bixby has stepped down, again with immediate effect. Chief Financial Officer Nick Lyth will serve as interim chair ‘pending the appointment of a non-executive chairman’. Chan commented: ‘I am honoured to join Cykel AI at such a pivotal stage in its journey. I look forward to working with the current team to deliver long-term value for our shareholders through strong execution, innovation, and disciplined corporate governance across both our core AI business and our Solana treasury.’ Previously on Thursday, the London-based recruitment platform announced a fundraise intended to raise £2.8 million. It said a group of strategic investors, including DeFi Development Corp, will subscribe for pre-paid warrants. Cykel has conditionally agreed to issue 2.33 billion warrants with a term of five years and a 0.12 pence per share exercise price. The firm said the fundraise is meant to ‘ensure that Cykel AI is well placed to execute its projects’, namely work on its AI agents. ‘The company has launched Lucy, Eve and Samson in 2025 and continues to grow the user base for these agent products,’ Cykel said, adding that it plans to expand their capabilities ‘as well as continue to invest in the existing portfolio’. Cykel AI shares were down 3.5% at 1.40p in London early on Tuesday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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