Why is the BrainChip (ASX:BRN) share price jumping 8% today?

BrainChip shares are charging higher today…

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Key points

  • BrainChip shares are on form on Thursday morning.
  • The artificial intelligence technology company's shares have jumped 8%.
  • This appears to have been driven by two new sales partnerships.

The BrainChip Holdings Ltd (ASX: BRN) share price has been a strong performer on Thursday.

In morning trade, the artificial intelligence technology company’s shares are up 8% to $1.14.

Why is the BrainChip share price shooting higher today?

The gain by the BrainChip share price today appears to have been driven by a rise in its US listed shares overnight in response to a press release.

According to the release from Wednesday morning Australia-time, the company has signed new sales partnerships in Europe and Israel that will further expand the commercial reach of its Akida neuromorphic computing platforms.

The release explains that BrainChip has partnered with Eastronics, a large, high-tech distributor in Israel, and SalesLink, a technology solutions provider in Europe.

Management believes these relationships serve as a gateway for introducing Akida technology to customers looking to leverage BrainChip’s IP across a wide range of applications. These include industrial Internet of Things (IoT), cybersecurity, autonomous vehicles, and smart sensors that can detect and act on visual features, sound, touch, smell, and taste.

It believes that Eastronics is ideally suited to benefit BrainChip’s global expansion in terms of customer presence and broad reach. This is from verticals such as medical, military, and industrial IoT markets, in the Israeli territory.

Whereas SalesLink has a broad reach that management believes will be instrumental in the building of BrainChip’s ecosystem and the go-to-market IP licensing plan in the Central Europe region.

BrainChip’s CEO, Sean Hehir, commented: “Partnerships with region and domain-focused sales organizations like Eastronics and SalesLink extend our reach to meaningful geographies and commercial opportunity.”

“We look forward to working closely with Eastronics and SalesLink, as well as developing relationships with other organizations in key territories, as we continue to deploy our commercialization plan for our revolutionary technology,” he added.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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