The software can learn, evolve and associate information like the human brain.
BrainChip Holdings Ltd (ASX:BRN) has raised $21.5 million via a share placement at $0.18 per share, with the placement supported by a large number of institutions.
The funds raised will allow BrainChip to accelerate its commercialisation strategy and to further develop its existing video analytics products and its planned AKIDATM Neuromorphic Processor Unit.
BrainChip will also progress sales and marketing initiatives to drive the company's commercialisation strategy via original equipment manufacturers, integrators and other partners.
The company's BrainChip Studio is a video analytics software which uses an artificial intelligence technology called Spiking Neuron Adaptive Processor (SNAP).
The SNAP technology can learn autonomously, evolve and associate information like the human brain.
Earlier this month, BrainChip shipped its first BrainChip Accelerator card to a major European automobile manufacturer.
As the first commercial implementation of a hardware-accelerated spiking neural network (SNN) system, the shipment of BrainChip Accelerator is a significant milestone in neuromorphic computing.
Neuromorphic computing is a branch of artificial intelligence that simulates neuron functions.
BrainChip Accelerator will be evaluated for use in self driving cars and driver assistance systems.
The accelerator increases the performance of object recognition provided by BrainChip Studio software and algorithms.
Importantly, BrainChip Accelerator provides a 7x improvement in images/second/watt, compared to traditional convolutional neural networks accelerated by Graphics Processing Units (GPUs).