- Firefly Neuroscience (AIFF, Financial) expands its asset base through a $6 million acquisition of Evoke Neuroscience.
- The acquisition doubles EEG/ERP records, triples patents to 27, and increases commercial users tenfold.
- This move supports Firefly's goal of developing an EEG/ERP-based human brain model.
Firefly Neuroscience (NASDAQ: AIFF) has strategically acquired Evoke Neuroscience for $6 million, structured with 50% paid in cash and 50% in common stock at $3.50 per share. The transaction includes a potential $500,000 earn-out in stock if Evoke achieves $3 million in annualized revenues within three years.
This acquisition significantly enhances Firefly's asset portfolio, resulting in a twofold increase in proprietary brain scans to over 180,000 EEG/ERP assessment records, a threefold expansion in granted patents to 27, and a tenfold growth in commercial users to over 60. Evoke also contributes $30 million in historical revenues and a comprehensive EEG/ERP electrophysiology data collection.
The combination with Firefly's recent acceptance into the NVIDIA Connect program is poised to bolster the company's technological capabilities. By integrating advanced software development resources and frameworks, Firefly aims to expedite its development of the world's first EEG/ERP-based foundation model of the human brain using its FDA-cleared Brain Network Analytics (BNAâ„¢) technology.
According to Greg Lipschitz, CEO of Firefly, this acquisition marks a pivotal step toward realizing the company's ambitions in building AI-driven brain health solutions. By aligning technological and commercial synergies, Firefly is set to harness a broader scope of advanced neurotech capabilities, further positioning itself as a leader in the brain health industry.
