Machine learning deal lifts AI group BrainChip’s share price
BrainChip’s face-scanning software at work. By
MATT BELL
Business reporter
@RealMattBell
Shares in ASX-listed AI engineering group BrainChip rose 11.4 per cent on Wednesday, shortly after the company announced its products would be supported by the Edge Impulse platform.
Despite the rise, the company did not lodge an announcement with the ASX and the news instead was circulated in a press release.
Edge Impulse is a machine learning platform widely used by hardware developers. BrainChip has developed a neuromorphic processor called Akida which it says can mimic the human brain to analyse inputs and process the data efficiently and precisely.
“BrainChip’s goal is to push the limits of on-chip AI compute to extremely energy-constrained sensor devices – the kind of performance that is only available in much higher power systems,” BrainChip chief executive Sean Hehir said of the deal.
“Having our Akida IP supported and implemented into the Edge Impulse platform helps ensure that developers are able to deploy ML solutions quickly and easily to create a much more capable, innovative, and truly intelligent edge.”
BrainChip shares rose 11.4 per cent, or 8.5c, to close at 83c, their highest level since October.
The two groups had last May announced a partnership – but had not spelt out the support for BrainChip’s Akida platform.
Edge Impulse co-founder Zach Shelby on Wednesday said: “This integration will provide users with a powerful and easy-to-use solution for building and deploying machine learning models on the edge.
“We look forward to seeing what our users will create with BrainChip’s AI offering.”
In its latest financial update for the three months to the end of September, BrainChip said it had $US24.6m ($36.2m) in cash, down from $US28.4m at the start of the quarter. Operating cash outflows rose to $US3.8m from $US2.8m in the preceding three month period, while receipts from customers fell from $US1.2m to just $US100,000.
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BrainChip has been questioned by the ASX about fluctuations in its share price in the past – most recently in January 2022 after its shares rose from 88.5c to $1.035 in a brief period of time and amid heightened volume.
The company, at the time, noted it had issued a press release “stating that an ‘Early Access Program’ customer, Information Systems Laboratories, is using BrainChip technology in an (AI) radar research project for the Air Force Research Laboratory”.
But the transaction was “immaterial in nature” and there was no ongoing commercial arrangement, which meant that it was of the opinion that there had not been an announceable event.