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BrainChip Acquires License to Cybersecurity Technology

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10/01/2018 | 07:02pm EDT

Company enters into an agreement with Democritus University of Thrace

SAN FRANCISCO, Oct. 01, 2018 (GLOBE NEWSWIRE) -- BrainChip Holdings Ltd. (“BrainChip” or the “Company”) (ASX:BRN), the leading neuromorphic computing company, today announced that the Company has entered into an agreement with the Democritus University of Thrace, located in Greece. The agreement consists of a license to their cybersecurity technology and their researcher’s support in porting the technology to the AkidaTM Development Environment. The cybersecurity technology includes data-to-spike convertors and is specifically designed for network intrusion and anomaly detection using a spiking neural network (SNN) that can be accelerated by the Akida Neuromorphic System-on-Chip (NSoC). 

Professor Lazaros Iliadis, PhD, Professor of the Department of Civil Engineering, Lab of Mathematics and Informatics, School of Engineering at the Democritus University of Thrace is responsible for the program. He commented, “We have been working with spiking neural networks for several years and our cybersecurity technology has proven highly accurate in detecting threats. The Akida NSoC is an ideal platform to accelerate our SNNs.”

Robert Beachler, BrainChip SVP of Marketing and Business Development commented, “As the Akida NSoC design progresses it is important that we have proven examples of SNN models and data to spike convertors for our target markets. According to MarketsandMarkets, the artificial intelligence cybersecurity market is estimated to be US$35B by 2025 and this technology acquisition will jump-start our solutions in this lucrative application space.”

Peter van der Made, BrainChip Founder and CTO added, “Working with the exceptional team at the Democritus University of Thrace will serve to increase our expertise and knowledge in the area of Cybersecurity and widen the reach of our low power and low latency Akida™ NSoC device.”

The transaction consideration will be incurred over several quarters and will not have a material impact on the Company’s cash position.

About Democritus University of Thrace
Democritus University of Thrace was founded in June of 1973. It was named after the ancient Greek philosopher Democritus, who was born in the Thrace area. Today the university has eight Faculties which comprised of eighteen Departments with a total student population of twenty-six thousand.

About BrainChip Holdings Ltd. (ASX: BRN)
BrainChip Holdings Ltd. is a leading provider of neuromorphic computing solutions, a type of artificial intelligence that is inspired by the biology of the human neuron. The Company’s revolutionary new spiking neural network technology can learn autonomously, evolve and associate information just like the human brain. The proprietary technology is fast, completely digital and consumes very low power. The Company provides software and hardware solutions that address the high-performance requirements in civil surveillance, gaming, financial technology, cybersecurity, ADAS, autonomous vehicles, and other advanced vision systems. www.brainchip.com

Company Contact
Robert Beachler
rbeachler@brainchipinc.com
+1 (949) 330-6750

Media Contact (US):
Kerry McClenahan
Publitek North America
kerry.mcclenahan@publitek.com       
+1 (503) 546-1002
Investor Relations:
ir@brainchipinc.com

Media Contact (Europe):
Nayl D’Souza
Publitek
nayl.dsouza@publitek.com
+44 20 3813 6423

Media Contact (Australia):
Alexander Liddington-Cox
Media and Capital Partners
alex.liddingtoncox@mcpartners.com.au
+61 474 701 469

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© GlobeNewswire 2018
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Financials (USD)
Sales 2019 0,08 M - -
Net income 2019 -11,3 M - -
Net cash 2019 6,84 M - -
P/E ratio 2019 -3,46x
Yield 2019 -
Capitalization 245 M 177 M -
EV / Sales 2018 74,0x
EV / Sales 2019 493x
Nbr of Employees -
Free-Float 71,3%
Income Statement Evolution
Managers
NameTitle
Louis DiNardo President & Chief Executive Officer
Emmanuel T. Hernandez Chairman
Roger Levinson Chief Operating Officer
Kenneth W. Scarince Vice President-Finance & Controller
Peter van der Made Executive Director & Chief Technology Officer
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