BrainChip, which uses artificial intelligence to detect dealer errors in casinos, is developing technology capable of stock market forecasting, speech and image recognition and running autonomous vehicles.
The ASX-listed-company came out of a trading halt announcing it had raised $21.5 million at $0.18 a share, representing a 26.5% discount to BrainChip’s last closing price of $0.245.
The funds will be used to fuel a marketing and sales push of its products and to help refine its new AI system called AKIDA.
This technology, based on a neuromorphic chip to mimic a human nervous system, differs from other AI in terms of its processing power and its ability to process information in a similar way to the human brain.
The market for neuromorphic chips is forecast to be worth $4.8 billion by 2022.
“The strong support of institutional and sophisticated investors in this capital raising is a solid endorsement of our Company and places BrainChip in a very strong position to accelerate the growth of its business,” says Louis DiNardo, BrainChip’s CEO.
“The money raised will help us to expand BrainChip’s sales and marketing initiatives and secure new design wins as well as greatly assist with our research and development capabilities, namely the development of our groundbreaking AKIDA Neuromorphic Processor Unit.”
BrainChip also recently signed a deal with a major European car maker to leverage its technology in autonomous vehicles.