ASX Tech Stocks: Droneshield nabs $800K defence deal, and BrainChip announces new CEO
DroneShield was up 4.1% off the back of a $800,000 Australian Department of Defence (DoD) deal for a 12 month contract around Artificial Intelligence in multi-domain applications.
The work relates to both the counterdrone space as well as more general military/Government agency applications.
DroneShield CEO Oleg Vornik said the company is a global leader in the Artificial Intelligence multi-domain applications for military and Government agency work.
“This project enables deeper collaboration with Australian defence to leapfrog our AI capabilities to the next level,” he said.
“We are extremely excited to continue pushing the envelope of what is possible with AI applications to military and Government work, and bring those capabilities to our customer base.
“We have a deep history of collaboration with the Australian military, including presently delivering a $3.8 million Electronic Warfare project, and this additional important project opens a new teaming sovereign industrial capability front.”
Then there was AI chip developer BrainChip who dropped 5% today after announcing the appointment of Sean Hehir as CEO.
The company said Hehir has a track record of organizational development, strategic alliances, and go-to-market programs have driven revenue growth for large technology organisations, including HP, Compaq, and Fusion-io.
Hehir’s primary goal will be to guide the company towards full commercialisation of its AkidaTM neuromorphic computing platforms, BRN added.
“As outgoing (interim) CEO, I welcome Sean to the company and am happy to hand over the reins of a world-class company that is in an excellent position to commercialise our unique product that is years ahead of the competition,” BrainChip founder and CTO Peter van der Made said.
“We have every confidence that Sean is the right executive to guide BrainChip into the future, to make sound decisions about the business opportunities before us and ignite industry enthusiasm for the new AI capabilities that are made possible by Akida.”
“After more than a decade of R&D and design, he will lead the shift into commercialisation and bringing new technologies to life, which has long been our vision.”
Hehir will also be appointed as an executive director of the company with effect from 29 November 2021.