ASX Tech Stocks: Douugh almost doubles US customers and BrainChip demonstrates AI chip functionality
Link copied to
Financial management app Douugh was up 16.2% today, after announcing its US customer base has grown 42% in October month-on-month (MoM).
The company also saw US platform revenue increase 53% MoM, with total customers on the platform increasing to 63,152 – up 26% MoM.
“We continue to see strong month-on-month growth in the US, which has accelerated following the launch of the integrated robo-advisory service and the dialling up of growth marketing initiatives, specifically the launch of our in app member-get-member service,” Douugh founder and CEO Andy Taylor said.
Taylor flagged the introduction of a monthly subscription fee as one of Douugh’s key revenue drivers, which will “continue as we focus on future app improvements to boost activation rates and expand share of wallet”.
“We will be monitoring this very carefully to see if any changes need to be made to the pricing model to retain and further engage existing members, whilst opening up the funnel to new users.”
The company plans to launch its Crypto Har early in the new year to add a new revenue stream, as well as focusing on enhancing the self-driving money feature Autopilot.
AI Chip developer BrainChip was up 4.3% after announcing it has completed functionality and performance testing of its AKD1000 Akida chip – which showed better performance than the original engineering samples.
As part of the continued development of its AkidaTM Neuromorphic System-on-Chip (NSoC), BrainChip tested a production version of its AKD1000 chip with several neural network applications, including object classification, keyword spotting and spiking neural networks.
The improved performance and lower power consumption results were achieved through a better layout and some minor design changes to the design, which were recognised after previous testing of earlier engineering samples, BRN said.
“This is another major milestone for the company as we migrate from our research and development phase into full production and commercialisation of the AKD1000 chip and the Akida IP,” BrainChip CEO Peter van der Made said.
“We have already seen significant uptake by Early Access Customers looking to leverage the clear advantages that Akida offers beyond the capabilities of other AI products.
“Akida is a ‘Next Generation’ AI device that offers real-time learning on chip and operates at a very low power consumption.”
The Akida production chips were manufactured by TSMC in Taiwan in a 28nm process.
The chips are now being integrated into complete PCIe and Mini-PCIe boards, with these boards and evaluation systems are being shipped to Early Access Customers for further testing and verification to see how they work as part of customers’ products.
AI software player SenSen was down 3.8% today despite announcing it had raised $4.2 million via a placement of 35 million shares at 12c per share – with the company also launching a share purchase plan today at the same issue price.
Funds raised will be used to:
“The proceeds of our January 2021 capital raising were carefully and successfully deployed in sales and marketing initiatives which have already resulted in a significant number of qualified opportunities,” SenSen chairman and CEO Subhash Challa said.
The new capital “will be used to continue this growth momentum through targeted investment in sales, marketing, product innovations, product delivery and project management and set up SenSen for strong top-line and ARR revenue growth”, Challa said.
“We are on track to double the top line revenue to $11M+ in FY22 from $5.5M in FY21, and increase the ARR from $2.7m in FY21 to approximately $8M by the end of FY22.”
“The proposed accelerated growth will be achieved through our plan to grow market share in our target verticals and geographies, and assisted by growing demand for AI products globally, driven by post COVID-19 economic recovery.”