BrainChip Inc., a wholly owned subsidiary of Austrialian listed company BrainChip Holdings Ltd., has agreed to pay for the acquisition with 10.7 million shares in BrianChip and €529, 598. With BrainChip Holdings shares trading at AUD0.15, this values the deal at US$1.76 million.
Spikenet is a revenue generating company founded in 1999 that has developed spiking neural network software called SNVision that it sells to detect unusual behavior and intruders in airport and casino security. SNVision is a software-based spiking neural network that learns visual patterns in real-time and without intensive training and can then detect and recognize the learned patterns in still images and in video streams.
The acquisition will allow the companies to port SNVision software to SNAP hardware and provides BrainChip with a revenue stream and sales channel for its SNAP processor. The company expects to retain staff after the acquisition and expand its technical team to 15 Neuromorphic experts in US and Europe.
A video demonstrations of SNVision products can be seen at http://www.brainchipinc.com/applications/videos/video/1336/people-track-loitering and http://www.brainchipinc.com/applications/videos/video/1334/game-card-reader
The combination of the fast, autonomous learning of SNAP hardware and Spikenet's procedural capabilities creates a computer vision product that is compact and faster than alternative deep learning networks, BrainChip said.
"We originally considered Spikenet as a technology partner and potential licensor of SNAP, said BrainChip's CEO, Peter van der Made, in a statement. "Within a short period, we realized our deep synergies meant an acquisition would provide greater benefits to BrainChip's shareholders."
Spikenet's President, Hung Do-Duy, commented: "Joining forces with BrainChip will definitely help both companies' ambition to write a new and exciting story where in little time we can be the leaders in the space of Neurocomputing and the Artificial Intelligence."
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