A company which uses artificial intelligence to analyse patient data is hoping to raise £60 million by opening up its shares on the stock market.

Sensyne Health applies AI algorithms, developed by researchers at the University of Oxford and Oxford University Hospitals NHS Foundation Trust, to anonymised patient data.

This data is then used to find potential clinical solutions which can be later sold to pharmaceutical companies.

The Oxford-based company has promised that no data is sold, nor is any ownership or control of data transferred to it or its pharmaceutical collaborators.

Currently, Sensyne has agreed deals with three NHS trusts: Oxford University Hospitals NHS Foundation Trust, South Warwickshire NHS Foundation Trust and Chelsea and Westminster Hospital NHS Foundation Trust.

Each trust receives £5m worth of shares in Sensyne and a royalty on any products developed using its data.

Paul Drayson, former Labour science minister and CEO of Sensyne Health said: “[Our] best practice approach to information governance will ensure that the full potential of AI powered analysis of anonymised NHS data is realised, providing benefits to patients and a financial return to the NHS.”

Shares of Sensyme Health were introduced on the London Stock Exchange at 8am on 17 August, with the company planning to raise £60 million which will means its market value could rise to £225 million.

Another AI company making headlines in healthcare is DeepMind Health, which recently claimed in a study that it has trained a machine learning system to identify eye diseases from scans and to recommend appropriate referrals.