Brainchip to push sales efforts with $6m raising

Technology company BrainChip Holdings has tapped investors for $6 million to expand its sales and marketing efforts.

West Perth-based Brainchip told the market this morning it had raised the funds through the placement of 40 million shares at 23 cents a share, which came with one-for-two attached options.

“This capital raising will support the expansion of our sales and marketing efforts at an important time in our growth,” chief executive Louis DiNardo said.

“Our new products are an excellent extension of the work we have done with existing customers and will allow us to pursue large-scale deployments with a broad line of solutions serving multiple use cases.”

Foster Stockbroking acted as lead manager to the raising.

Brainchip shares were 9.5 per cent lower to 19 cents each at 11am.