Belfast company B-Secur receives £3.5m backing to develop heartbeat authentication technology
A BELFAST company behind pioneering heartbeat authentication technology has raised £3.5 million to help grow the expanding business.
Biometric authentication company B-Secur has developed a patented technology that uses an individual's unique heartbeat pattern, known as electrocardiogram (ECG), to quickly and securely authenticate identity. The technology marks the next generation in biometrics, moving beyond fingerprint, iris or voice and can minimise hacking risks for greater security and convenience.
The Belfast-based company is focused on the global ECG biometrics market which is expected to be worth $2bn by 2021 and has a strong partnership with Queen's University Belfast's CSIT department.
The firm is currently working in the UK, Ireland and US markets, responding to customers across many sectors including automotive, financial services, access control, smart cities and buildings, and healthcare.
The major investment in the company comprises of £1.5 million from Accelerated Digital Ventures (ADV), £750,000 from the Bank of Ireland Kernel Capital Growth Fund (NI), with the remainder provided by private investors.
The Bank of Ireland Kernel Capital Growth Fund was designed to help SMEs in Northern Ireland to accelerate their growth and has been supported by £15 million funding from Invest NI.
CEO of B-Secur Alan Foreman said the financial backing would allow the company to "grow significantly" in the next 12 months and "continue to invest in world-class science and engineering in Northern Ireland and beyond".
Partner at Kernel Capital Jayne Brady added: “B-Secur has a strong management and technical team which has developed a new high performance, patent-protected, heartbeat signature-based biometric authentication product. With Northern Ireland 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.”