BrainChip Holdings (ASX:BRN) highlighted major advancements and partnerships in its September 2024 quarterly report, reporting steady growth in customer engagements and product developments.
The company is known for its “Akida” neuromorphic processors that mimic the human brain to deliver low-power, efficient AI computing. The Akida technology is designed for edge AI applications, enabling devices to process data directly on-chip, which reduces latency and power consumption, crucial for industries ranging from automotive to aerospace.
During the quarter, BrainChip signed two agreements totalling €190,000 with Frontgrade Gaisler and Airbus Defence 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 AI for future space missions. CEO Sean Hehir commented, “Our technology allows for efficient, secure AI processing that is 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 drive the commercialisation of Akida 2.0 and develop BrainChip’s latest product line, known as TENNs (Temporal Event-Based Neural Networks). TENNs are built on the Akida platform and, unlike traditional neural networks that excel in spatial data processing, are engineered 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 like speech recognition, object detection, and health monitoring, where data flows continuously over time.
BrainChip also saw 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.