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LONDON - Cykel AI PLC (LSE:CYK), a technology company specializing in artificial intelligence recruitment solutions, has entered into a commercial agreement with Transpharmation Ltd., a prominent contract research organization in the fields of neuroscience, pain, and metabolic disease. The partnership, which was announced today, involves the implementation of Cykel’s AI recruitment agent, Lucy, across Transpharmation’s operations in the UK and North America.
This new agreement introduces a significant revenue stream for Cykel AI within the pharmaceutical research sector. Transpharmation has committed to a 12-month subscription of Lucy’s Enterprise plan, with options to renew, to bolster their talent acquisition process as they continue to expand globally.
Dr. Mark Duxon, CEO of Transpharmation, emphasized the strategic importance of integrating advanced AI technology to streamline their hiring process. "Our investment in Cykel’s AI recruitment technology reflects our commitment to innovation not just in our research methodologies, but in how we acquire talent efficiently and cost-effectively," he said.
Lucy is designed to autonomously search through 300 million professional profiles, automate outreach, integrate with Applicant Tracking Systems (ATS), and provide advanced AI screening and talent matching. The Enterprise plan, Transpharmation’s chosen subscription, offers the highest value in Cykel’s pricing model and includes unlimited workspace capacity, which is essential for supporting their extensive global operations.
Ewan Collinge, CEO and Founder of Cykel AI, expressed confidence that this agreement validates the company’s commercial strategy and its product’s relevance in knowledge-intensive industries. "Securing Transpharmation as a customer endorses our commercial strategy and product-market fit in knowledge-intensive sectors," Collinge remarked.
The collaboration with Transpharmation comes after the company’s recent acquisition of biomarker technology provider Saretius, further solidifying its position in the market. It also follows Cykel AI’s report of growth in paid subscriptions for Lucy across various service tiers.
This partnership is set against the backdrop of a global pharmaceutical market valued at £1.25 trillion in 2023, highlighting the potential for AI-driven solutions like Lucy in the high-growth pharmaceutical sector. The information for this report is based on a press release statement.
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