BrainChip is aiming to reach more government agencies in Europe through its partnership agreement with SoftCryptum.
BrainChip Holdings (ASX:BRN) announced on Monday (January 7) that it has signed a partnership with SoftCryptum to deliver its artificial intelligence- (AI) powered video analytics solutions to government agencies in Europe.
The software and hardware solutions company, which has a focus on advanced AI and machine learning applications, said that the solutions would be sold to agencies in France, Belgium and Switzerland.
BrainChip highlighted that the solutions of SoftCryptum, a company that sells security and data analytical solutions — particularly to government agencies — are suited to analysis using BrainChip’s technology.
“With a solid network of contacts in Law Enforcement, Defense and Intelligence Agencies, our company is well positioned to help promote, install and support BrainChip’s AI-powered software and hardware solutions,” Guillaume Tissot, president of SoftCryptum, said in the release.
It was noted that BrainChip’s video analytics solutions are used by several government agencies in Europe to fast track investigations. In a quarterly update in March 2018, the company highlighted how its products are used by agencies in France, Germany, the U.K., Sweden and Norway. The company’s solution aids the agencies to browse through terabytes of content to identify and track suspects and witnesses based on characteristics like faces and patterns of clothing.
“This new partnership strengthens the visibility of BrainChip Studio in European government agencies and improves operational and sales efficiency for our business,” Luis Coello, BrainChip’s director of EMEA sales, said in the release. “SoftCryptum has long-established relationships within many government entities, and we expect to see many new customers implement our technology as a result.”
Monday’s announcement is closely on the heels of BrainChip’s announcement in December where the company stated that it has improved its facial classification accuracy on its BrainChip Studio solution. The company noted that the facial classification accuracy has been improved by 10-30 percent.
“We are always looking for ways to continually improve our products by listening to our customer requests,” Bob Beachler, BrainChip’s senior vice president, said in December’s release. “Not surprisingly, improving accuracy is typically at the top of list for video analytic software.
The global biometrics market is tipped to witness a compound annual growth rate of 15 percent between 2019 to 2023. The report by Technavio published in December said that the Americas led the market in 2018 with a market share of 40 percent followed by Europe, the Middle East and Africa (EMEA) region. Further, the firm states that Asia Pacific is expected to post an highest incremental growth during the forecast period followed by EMEA region.
Following the announcement, shares of BrainChip were up 9.1 percent over the two day period and closed the trading session on Tuesday (January 8) at AU$0.096. BrainChip has a “Sell” ranking on TradingView with 16 verticals against, eight in neutral and four in favor.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.