BrainChip makes strong ASX debut

Tech firm BrainChip has made a stellar debut on the ASX, after completing a reverse takeover of Perth-based Aziana.

BrainChip shares were trading 40 per cent higher to 21 cents at 2pm.

The company recently completed a $3.1 million capital raising as part of the backdoor listing, which was largely underwritten by local gold miner Metals X.

Metals X chief executive Peter Cook was also a director in Aziana prior to the $9.4 million BrainChip takeover.

The BrainChip team includes executive director Peter Van Der Made, who spent time at the Innovation Centre WA incubator in 2012 to develop the business.

BrainChip’s flagship product is its Spiking Neural technology (SNAP), which it has demonstrated to several Fortune 500 companies.

In a statement today, BrainChip said while discussions with these companies were ongoing, it was expected that some will lead to intellectual property licensing agreements.

“The company (also) plans to hire further key technical personnel to work out of the California-based laboratory,” it said.

“The new staff will enable the company to rapidly develop and deploy further enhancements of the base SNAP technology platform suitable for a wide range of custom projects.”