Substrate AI has opted to backtrack on its plans to debut its health sector subsidiary, Cuarta Dimensión Médica (4D Médica), on the London Stock Exchange, as the company communicated this Monday through BME Growth.
The incorporation into the London stock market was planned through a 'reverse takeover' (RTO) operation, a mechanism already announced to the market on May 28, 2025, whereby a company that is already listed buys another that is not, so that the shareholders of the latter become the owners of the resulting company.
To structure the operation, Substrate AI had reached an understanding with the listed company Seed Capital Solutions PLC, a company created specifically for this purpose and whose shares are traded on the LSE (London Stock Exchange) market in London. The agreement set a valuation for 4D Médica of 33.3 million pounds (39 million euros), while Seed Capital was valued at 3.7 million pounds (4.3 million euros).
The company has indicated that the cancellation of the operation is due to the "profound transformation that the international technological landscape is undergoing, where artificial intelligence (AI) has consolidated itself as a strategic asset for economic security, industrial competitiveness, and the technological autonomy of states."
In recent months, the European Union (EU), according to Substrate AI, has redoubled its efforts to bolster its technological sovereignty, promoting the development and preservation of key capabilities in fields such as AI, semiconductors, high-performance computing, biotechnology, and digital health.
In this scenario, Substrate AI has estimated that maintaining the group's intellectual property, human capital, and technological developments in Spain and the EU represents "a decision aligned with European strategic priorities and with the interests of its shareholders, even more so after the investment of 19.1 million euros made by the Spanish Society for Technological Transformation (SETT) in the company."
With this decision, the revenues generated by the health division will continue to be integrated within the group's perimeter, which, according to the company, contributes to bolstering Substrate AI's financial structure.