B-Secur’s technology harnesses the human heartbeat to unlock anything, from your banking app to your front door.
The Belfast-based ECG biometric authentication company has recently secured £3.5 million to further its patented technology and growth.
B-Secur has developed a patented biometric technology that uses an individual’s unique heartbeat pattern, known as electrocardiogram (ECG), to quickly and securely authenticate identity. This technology marks the next generation in biometrics, moving beyond first generation modalities of fingerprint, iris or voice. As an internal biometric, ECG authentication can minimise hacking or spoofing risks for greater security and convenience.
The funding came in the form of £1.5 million from Accelerated Digital Ventures (ADV), £750,000 from the Bank of Ireland Kernel Capital Growth Fund (NI), and the remainder provided by private investors.
“This announcement underscores the growing demand from organisations to provide better security to their customers in this digital world, amid an escalation in high-profile cyber-attacks. I believe that our ECG authentication technology is crucial to supporting this global challenge,” said Alan Foreman, B-Secur CEO.
“We are thrilled to gain the backing of ADV, Kernel and others which will drive us to grow significantly in the next 12 months and continue to invest in world-class science and engineering in Northern Ireland and beyond.”
The company is focused on the global ECG biometrics market which is expected to be worth $2 billion by 2021. B-Secur is currently working in the UK, Ireland and US to respond to customers across many sectors including automotive, financial services, access control, smart cities and buildings, and healthcare, with the semiconductor industry at the core of its technology development process. The company has a strong partnership with Queen’s University Belfast’s CSIT department.
According to Jayne Brady, partner at Kernel Capital, who worked on the deal, Northern Ireland is rapidly becoming a key location on the global cybersecurity stage. “We believe B-Secur will play a significant role in the global development of next generation security systems as the company gains market share in financial services, access control and beyond,” she said.
The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth. Invest Northern Ireland has committed £15 million of funding to this fund which is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.