The ASX-listed company (ASX:BRN) says the funding provides it with the resources necessary to recruit top‐tier sales and marketing talent and drive revenue growth.
BrainChip chief executive Louis DiNardo says as the company accelerates commercial deployment of its solutions in civil surveillance, gaming, facial recognition and visual inspection it isessential to have highly skilled sales, marketing and application engineers engaged with customers.
The $5.355 million placement, which was initially expected to raise between $3 million and $4 million, was priced at $0.18 per share, reflecting a 25% discount to the 30‐day volume-weighted average price.
“This capital raise gives us the resources necessary to build a world‐class sales and marketing team and further new product development. We are pleased to welcome a key group ofshareholders to our register who are long‐term supporters of the company.”