Local biometrics firm B-Secur secures £4m investment

Belfast-based cardiac biometrics company B-Secur has secured £4m in a new funding round, which will support partnerships for its cardiac-rhythm-based security systems.

The field of biometric security hasn't taken off quite as expected so far, with some biometric markers turning out to be easily faked or just not suitable for authentication. Cardiac biometrics offers an interesting alternative that is reportedly extremely difficult to fake, and local firm B-Secur has developed a technology that can continuously authenticate a user via a wearable device or touch sensor embedded into a car's steering wheel.

B-Secur raised eyebrows back in January when CEO Alan Foreman indicated that the firm is aiming to be Northern Ireland's first privately held company to hit the $1bn US value mark after an impressive level of interest in its technology at CES 2019. Now the firm has announced that it's raised £4m in a new funding round to support the 35 staff in its Belfast headquarters as it develops the technology commercially.

B-Secur raised £3.5 million in its 2017 funding round, with £1.5M from Accelerated Digital Ventures (ADV), £750K from the Bank of Ireland Kernel Capital Growth Fund (NI), and the remainder from private investors. Both ADV and Kernal Capital have clearly been impressed with the company's performance over the 18 months since that investment, as both have decided to back the firm with additional investment.

Plans for the coming year include ongoing partnerships with global manufacturers of wearable tech, fitness trackers, and semiconductor manufacturers to embed its heart sensor technology into existing everyday technologies. The firm is also partnering with motoring manufacturers to explore the use of the sensor in the next generation of vehicles, both for authentication and health monitoring. B-Secur's Heartkey system can detect irregular heart rhythyms that could indicate a serious medical problem before the user is even aware of it.

Bank of Ireland Kernel Capital partner Jayne Brady commented on the decision to increase its invesmtent in B-Secur, saying "Since our first investment with B-Secur we have been impressed by the drive and determination of the management team and their highly skilled technical experts who have worked hard to elevate this technology and to pair it with partners and applications which we firmly believe will change how we live and work. They are at an exciting stage and we are very proud to support them in taking their vision forward on a global scale."