Brainchip reports quarterly cash flow and partnership with Gaming Partners International
Brainchip Holdings has signed a development and licensing agreement with Gaming Partners International to provide its vision recognition technology in its software packages, the company announced as it recapped an eventful quarter ending December 31, 2017.
During the quarter, Brainchip shipped its first accelerator card to a European automobile manufacturer for possible use in driver-assistance and autonomous vehicle applications. In October, Brainchip raised AU$21.5 million (US$ million) in a heavily oversubscribed placement, which it plans to use to accelerate its commercialization strategy, and to develop its existing video analytics products and planned AKIDA Neuromorphic Processor Unit.
It also demonstrated its AI-powered video analytics technology at Milipol in November, taking home a Milipol Innovation Award, and the same month appointed Gregory Ryan as Director of Sales and Business Development for Australia.
Brainchip was also selected to deliver an AI object search and facial recognition capabilities to a municipal project in France during the quarter.
The deal with Gaming Partners International will bring in US$500,000 in licensing fees and a one-time engineering fee of US$100,000, as its video analytic and AI technology are integrated into a casino table game management system.
For the quarter, operating cash flow was a loss of US$1.880 million, compared to US$1.844 million for the quarter ending in September, and the company’s cash on hand at the end of quarter is US$16.049 million.