BrainTech Inc, the Vancouver, British Columbia company seeking to apply techniques derived from the workings of the human brain to applications such as pattern recognition, reports initial equity financing of some $200,000 from First Colonial Funds Ltd, which got 950,000 shares in return. The cash is part of a total $11m equity financing agreement announced in December and enables the company to resume full-time development efforts on its video recognition system. BrainTech believes it now has sufficient funds to complete a prototype of the system, and hopes to complete it next month. It will also use a portion of the initial financing to market the system to potential key customers, complete a set of audited financials, maintain a good reporting status with the Internal Revenue Service and Securities & Exchange Commission and improve corporate-investor relations. BrainTech, with offices in Vancouver, British Columbia and Austin, Texas, is engaged in the design and development of the BrainTron microprocessor, which applies parallel processing techniques and can process pattern matching algorithms up to 1,000 times faster than Intel Corp’s Pentium microprocessor.
