The artificial intelligence company’s shares were up 13.2% to 43 cents at the time of writing. In contrast, the All Ordinaries (Index: ^ AORD) (ASX: XAO) and the S & P / ASX 200 Index (Index: ^ AXJO) increased by around 0.8% each.
Management announced that a number of well-known companies have signed the Early Access Program (EAP).
Brainchip shares jump on important customer trials
These include Ford Motor Company, Valeo, Vorago Technologies, and the National Aeronautics and Space Administration (NASA).
The program enables companies to evaluate and test Branchip’s Akip Neuromorphic System-on-Chip (NSoC) offering. Brainchip receives a fee from these organizations to cover its costs for participating in the EAP.
The fee isn’t why Brainchip recently added cash on hand.
Brainchip’s cash position improves
The company reported $ 12.2 million ($ 17.2 million) in cash at the end of September. This increased by around $ 5 million to around $ 17.6 million this month.
The additional money came from the proceeds from the put option agreement with LDA Capital and from the exercise of employee and investor stock options.
Brainchip moved this morning to list eight million new shares as a result of converting options that were good for the money. Of the total, 4.5 million of these options had an exercise price of 15 cents, while 3.5 million had an exercise price of 20 cents.
How Brainchip’s technology works
The company is promoting Akida as a complete AI chip for neural networks, as no external memory or other components are required to function.
The main areas Akida is targeting are AI Edge applications for Smart Transportation, Smart Home, Smart Health and Smart Industrial IoT.
“With the unique ability to process information such as sight, sound, smell, touch, and taste in real time with incremental learning, Akida technology addresses the burgeoning AI Edge market, which is expected to be $ 50 billion by 2025, according to a Tractica report. Brainchip said in his ASX statement.
“Akida offers solutions in ways that traditional convolutional neural networks cannot.”
The BRN share price outperforms WAAAX
The price of the Brainchip share has surpassed the WAAAX favorites since the beginning of 2020. The price of the BRN share has risen by over 780% than the Afterpay Ltd. (ASX: APT) share price is up over 230%.
The WiseTech Global Ltd. (ASX: WTC) share price, Altium Limited (ASX: ALU) share price and Xero Limited (ASX: XRO) Share price follows with gains of 60% or less.
These dividend stocks could be your next cash kings (FREE REPORT)
The dividend experts at Motley Fool Australia recently released a brand new FREE report revealing 3 dividend stocks with JUICY prepaid dividends that could pay you meaty dividends for years to come.
Our investing team believes these 3 dividend stocks should be a must-have for any savvy dividend investor. But more importantly, it could potentially turn Australian investors into a pile of passive income.
Do not miss! Just click the link below to get your free copy and discover these 3 high conviction stocks now.
Click here for your free inventory report
Returns from October 6, 2020
These were the details of the news The price of the Brainchip share (ASX: BRN) jumps with quarterly... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at de24.news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.