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21/04/19
07:41
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Originally posted by jtardif999:
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So I’ve been thinking about the unfortunate state of the share price and how we got here - what has actually happened? Well taking a look back at everything: 1) The company IPO’d on the ASX in 15 with the aim of commercialising hardware that has a brain inspired architecture and learns rapidly in an unsupervised manner. PVMD already had world first patents including those associated with the architecture and with with a library saving mechanism that allows the state of the synapses to be saved - making the learning already done available to other devices - ground breaking stuff. 2) In 16 the company acquired Spikenet with software spiking network tech specialised for vision applications and gained the rights to JAST a more efficient unsupervised learning algorithm than already architected and patented by PVMD. The company also obtained the services of CEO LDN and embarked on a commercialisation strategy which involved further developing some existing Spikenet products having some existing customers to establish early revenue whilst commercialising the hardware and incorporating JAST into the chip architecture. 3) Brainchip Studio (BS) and Accelerator (BA) were born in 17 and both won prestigious innovation awards. The name Akida was trademarked as the name of the NSOC in development and PVMD started working full time on the NSOC. 4) BS and BA had some design wins in 18 which resulted in partnerships with Quantum, Veritone and GPI, and GPI looked likely to produce some early revenue with their ATS system. Also a (Spikenet) legacy relationship with SNTech also looked promising for revenue via the US Lockport schools district facial recognition software successfully installed and (SNTech) paid for. 5) The Akida NSOC architecture and development kit were released in 18 and the company started to advertise the impending arrival of the chip. 6) The recent MOU with Socionext to partnership the fabrication of the chip was signed last month and we are full steam ahead with the next phase of work which should produce the chip and realise a 20 year PVMD dream. So in reviewing the above nothing has really changed from the outset of the IPO in 15 - the chip has been the goal and it is still on track. Of course the share price has gone south though and this has been very disheartening for LTHs. Things probably would have been better if we could have landed some of the deals on the table. GPI and Lockport being the most likely to come through but for reasons out of BRN control both have stalled. If they do come through it will be well after more cash is needed. I think though, that the company has kept on a pretty straight trajectory with the original plans and most of the obstacles they have encountered - particularly the slow uptake of the tech have kind of been expected - but have contributed to many shareholders losing patience with the CEO particularly.
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point two is up for debate, i think it reads better LDN embarked on a commercialisation strategy which involved targeting deals that would award performance shares , and just scrapped in before the deadline a couple more months and they expired ,( who knows how bad this deal was for us just so he could get his shares) this took the Co off track and burnt shareholder and development funds. the two biggest deals ( both still no shows yet shares still awarded) where structured in a way that awarded the performance shares both SN tech and GPI so in reviewing ipo 15 , shareholders put up millions for SNN , Lous burnt all the money chasing performance shares , and sold it as a commercialisation strategy, now with bugger all of the shareholders money left, money that was raised for Akida, the co will try to develope and market.