Renalytix (RENX) & Seeing Machines (SEE): 2 AIM AI stocks to buy now

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Highlights

  • Renalytix and the Mount Sinai Health System announced the scaled-up deployment of its KidneyIntelX for early-stage testing and care management.
  • Seeing Machines estimates revenue to be A$47.3 million for FY2021, representing an 18% increase year-on-year.

Advanced technology solutions are the key driving forces behind all digital transformation initiatives across various sectors. Artificial intelligence (AI) is one such technology that is the basis of several modern-day solutions that not only helps in the automation of several tasks that would otherwise require human intervention but also can conduct them efficiently.

AI is created through machine learning algorithms that involve training a system with large volumes of data and then leveraging the trained system to offer interesting insights. Many tech firms use AI to make existing operations, such as self-driving cars, robotics, and virtual assistants, more powerful.

(Data source: Refinitiv)

Here we will review the investment prospect in two AI stocks listed on the LSE.

Renalytix Plc (LON: RENX)

Renalytix is artificial intelligence (AI)-powered in vitro diagnostics firm. The company’s KidneyIntelX test platform offers medical professionals tools required for understanding patient risk associated with kidney disease progression. Last month, Renalytix and the Mount Sinai Health System announced the scaled-up deployment of its KidneyIntelX for early-stage testing and care management.

At the day’s close on Thursday, 7 October 2021, the shares of Renalytix were at GBX 780.00, up by 3.45%. The market cap of the company stands at £544.69 million.

During the quarter ended 31 March 2021, Renalytix recorded services revenue of $0.6 million and testing revenue of $0.1 million. The company’s cost of revenue for the quarter was 2021 was $0.2 million. Its research and development expenses increased by $1.7 million from $1.4 million for the quarter ended 31 March 2020 compared to $3.1 million for the quarter ended 31 March 2021. 

In the last one year, the shares of Renalytix returned 76.28% to shareholders.

Seeing Machines Limited (LON: SEE)

Seeing Machines is engaged in designing and developing AI-powered operator monitoring systems to enhance transport safety. Recently, Seeing Machines unveiled the core capabilities of its Occula® Neural Processing Unit. It also announced that EROAD Limited would integrate its Guardian technology into the fleet management software to lower the risks associated with driver fatigue.

At the day’s close on Thursday, 7 October 2021, the shares of Seeing Machines were at GBX 9.10, up by 4.60%. The market cap of the company stands at £337.18 million.

Seeing Machines estimates revenue to be A$47.3 million for FY2021, representing an 18% increase year-on-year.

In the last one year, the shares of Seeing Machines returned 95.70% to shareholders.


 

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