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BrainChip share price soars 8% higher on Tuesday

The BrainChip Holdings Ltd (ASX: BRN) share price has soared 8% higher to 9.6 cents on Tuesday.

Why has the BrainChip share price soared higher?

BrainChip announced this morning that it has entered into a strategic partnership agreement with SoftCryptum in a deal that will see its AI-powered video analytics solutions being supplied to government agencies in France, Belgium and Switzerland.

BrainChip’s spiking neural network (SNN) technology is a type of artificial intelligence which has already seen uptake by several government agencies in Europe. It allows law enforcement to rapidly sift through huge quantities of recorded video data faster than other methods which require more human input. This ultimately allows suspects and witnesses to be identified and tracked based on characteristics such as faces and clothing.

SoftCryptum is a trusted supplier of security and data analytics solutions to government agencies around the world. BrainChip claims that its unique technology is ideally suited for government applications due to its ability to analyse the low-quality CCTV footage involved.

“We are delighted to enter into this reseller agreement with SoftCryptum. This new partnership strengthens the visibility of BrainChip Studio in European government agencies and improves operational and sales efficiency for our business,” said Luis Coello, BrainChip Director of EMEA sales.

“SoftCryptum has long-established relationships within many government entities, and we expect to see many new customers implement our technology as a result.” SoftCryptum has sold data analytical solutions to over 250 government agencies throughout its more than 20 years in the software security industry.

Despite today’s spike, the BrainChip share price has slumped 57% over the last 12 months.

Motley Fool contributor Cale Kalinowski has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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