Wednesday, 26 October 2016 20:32

BrainChip capital raising brings in $5.4m

By
BrainChip Louis DiNardo BrainChip Louis DiNardo

Artificial intelligence and machine-learning applications provider BrainChip has raised almost $5.4 million through an oversubscribed placement to investors, and institutional and sophisticated investors.  

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.

DiNardo, who replaced interim chief executive officer Peter van der Made earlier this month, says the BrainChip story ”resonates well with the investment communityand we have received great support from institutional and sophisticated investors in this placement”.

“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.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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