Cambridge Cognition Holdings (AIM:COG), the AIM-listed developer of digital cognitive assessments, is seeking to raise a minimum of £2.5 million through a placing and subscription, with a separate retail offer targeting up to an additional £0.5 million via the BookBuild platform.
The proceeds are earmarked across three programmes: pursuing CE marking in Europe and FDA 510(k) clearance in the United States; building paediatric normative data sets to support clinical diagnostic pathways including ADHD; and enhancing automated speech recognition capabilities within its Winterlight business.
The company enters the raise with what it describes as visible revenue of over £10 million for 2026, against consensus forecasts of £11.4 million in revenue and an EBITDA loss of £0.1 million for the full year, both stated before the investment programmes are factored in.
The Directors are explicit that the three initiatives will materially increase costs and therefore losses over the next two years, with revenue benefits expected to feed through from 2028.
The fundraise follows a year in which new sales orders reached £12.8 million, up 73% on 2024, and comes after the company secured its first agreements in professional healthcare and consumer health, including a collaboration with smart ring maker Oura on a brain health study involving up to 45,000 users.
Chief Executive Rob Baker said the company had "secured its first commercial agreements" in professional healthcare and consumer wellness, describing 2025 as delivering "a return to growth in new sales orders and a stronger order book."
The raise is subject to shareholder approval at a general meeting.
