BrainChip Holdings Ltd (ASX: BRN), a leading provider of ultra-low power high performance AI technology today announced the signing of a joint development agreement utilizing BrainChip’s Akida neuromorphic SoC with Valeo Corporation, a Tier-1 European automotive supplier of sensors and systems for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV).
The Agreement provides for specific performance milestones and payments that are expected to cover the Company’s expenses. The term of the Agreement is defined by the achievement of performance milestones and the availability of the Akida device. The Agreement was binding upon execution. Either party can terminate the Agreement for convenience with specific notice. The validation of the Company’s Akida device by a Tier-1 supplier of sensors and systems to the automotive industry is considered to be a significant development.
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