Brainchip Holdings Ltd
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BrainChip Holdings Reports Strong Quarterly Activities for Q2 2023: Accelerated Growth and Development
Sydney – July 24, 2023 – BrainChip Holdings Ltd (ASX: BRN, OTCQX: BRCHF, BCHPY), the world's leading producer of neuromorphic artificial intelligence IP, has released its Appendix 4C and Quarterly Activities Report for the period ending June 30, 2023. The report highlights the company's cash balance, recent commercial engagements, ecosystem partnerships, patent achievements, participation in conferences, and financial update.
Cash Balance and Fundraising
As of June 30, 2023, BrainChip reported a cash balance of US$21. 8 million. The company raised an additional US$8. 2 million in cash upon completion of the LDA Capital Call.
CEO Statement
During the second quarter of 2023, BrainChip experienced accelerated commercial and corporate activity worldwide.
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The focus was primarily on the development of the company's 2nd Generation Akida technology platform. BrainChip witnessed its highest level of commercial engagements, with the volume and quality of customers continuously improving.
Ecosystem Partnerships and Collaborations
BrainChip expanded its ecosystem partnerships by adding Lorser Industries, CVEDIA, Teksun, Blue Ridge Envisioneering, and Quantum Ventura. These collaborations, along with other partnerships, are crucial elements of BrainChip's commercialisation strategy.
Intellectual Property Achievements
BrainChip was issued a US patent (US 11,657,257 "Spiking Neural Network"), which bolsters the company's intellectual property portfolio. This patent protects BrainChip's learning function on a neuromorphic chip or system.
Participation in Major Conferences
Throughout the quarter, BrainChip participated in several technology-focused conferences worldwide. The company showcased its Edge AI technologies at the Embedded Vision Summit in California, presented at the IEEE 5th International Conference on Artificial Intelligence Circuits and Systems in China, and presented at the CVPR Conference in Vancouver. BrainChip also participated in the tinyML EMEA Innovation Forum in Amsterdam and the Global Semiconductor Alliance Global Leadership Summit in Tokyo.
Academic Collaborations
The University of Oklahoma joined the BrainChip University AI Accelerator Program, which already included Arizona State University, Carnegie Mellon University, and the Rochester Institute of Technology. The program aims to share technical knowledge, promote leading-edge discoveries, and position students as future innovators and potential employees of BrainChip.
Financial Update
BrainChip ended the June quarter with a cash balance of US$21. 8 million, compared to US$17. 7 million in the previous quarter. Net operating cash outflows were $4. 1 million, and cash inflow from customers was $0. 83 million. The company reported total payments to suppliers and employees of $5. 0 million.
BrainChip Holdings Ltd continues to make significant strides in the field of artificial intelligence. With a strong cash balance, ongoing commercial engagements, and the development of the 2nd Generation Akida technology platform, the company is well-positioned for future success in the rapidly growing AI market.
About BrainChip Holdings Ltd (ASX: BRN)
BrainChip is the global leader in edge AI on-chip processing and learning. Its neuromorphic processor, AkidaTM, emulates the human brain by analyzsng essential sensor inputs directly at the point of acquisition. This approach ensures unparalleled efficiency, precision, and energy savings. By keeping machine learning local to the chip and independent of the cloud, BrainChip significantly reduces latency while enhancing privacy and data security. Its vision of enabling universally deployable on-chip AI for real-world applications positions BrainChip at the forefront of the industry, serving sectors like connected cars, consumer electronics, and industrial IoT.
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