BrainChip Holdings (ASX:BRN) highlighted important progress and partnerships in its September 2024 quarterly report, reporting continued growth in customer engagement and product development.
The company is known for its “Akida” neuromorphic processors that mimic the human brain to provide efficient, low-power artificial intelligence. Akida technology is designed for cutting-edge AI applications, enabling devices to process data directly on chip, reducing latency and power consumption, crucial for industries ranging from automotive to aerospace.
During the quarter BrainChip signed two agreements for a total of 190,000 euros with Frontgrade Gaisler and Airbus Defense and Space. These partnerships aim to leverage Akida technology in space applications, in line with a European Space Agency initiative to develop ultra-low-power artificial intelligence for future space missions. CEO Sean Hehir commented: “Our technology enables efficient and safe AI processing, ideal for extreme environments. We are excited to support applications that push the boundaries of space exploration.”
Financially, the company completed a $25 million capital raise, which included a $20 million institutional placement and an additional share purchase plan. The funds will help advance the commercialization of Akida 2.0 and develop the latest BrainChip product line, known as TENN (Temporal Event-Based Neural Networks). TENNs are built on the Akida platform and, unlike traditional neural networks that excel at processing spatial data, they are designed to efficiently process sequential data, such as streaming audio or video, by combining spatial and temporal convolutions. This dual-mode capability makes TENNs versatile for applications such as speech recognition, object detection, and health monitoring, where data flows continuously over time.
BrainChip has also seen significant internal developments, appointing Steven Brightfield as Chief Marketing Officer and reconstituting its scientific advisory board, which now includes founder Peter van der Made and industry experts Dr Jason K. Eshraghian and Dr André van Schaik.