Belfast-based health tech company B-Secur has raised £2.2 million (€2.57 million) in its latest round of funding, to bring it to a total of £8.8 million this year, according to investor Kernel Capital.
The latest round was led by US-based First Capital Ventures and the Bank of Ireland Kernel Capital Growth Fund NI, which increased its investment level to £2.2 million with other existing investors also participating.
B-Secur has developed a software technique that uses an individual’s unique heartbeat pattern, known as electrocardiogram (ECG), in everyday technologies to securely identify a person, and provide health and wellness insights at the same time.
Medical grade ECG recording traditionally happens in a hospital environment using expensive equipment, but B-Secur are embedding this into the latest smartwatches, cars and clothing and are already selling to some of the world’s largest technology companies.
US clearance
At the end of 2020, B-Secur was granted US Food and Drug Administration clearance for its technology and has since signed its first contract with a US-based medical device manufacturer.
The group said the funding will be used to cement the company’s traction in the wearable market, while accelerating entry into the medical device sector.
The company, which has offices within Belfast’s innovation centre, Catalyst, employs more than 45 scientists and engineers and will look to hire additional staff in Belfast and the US.
Kernel Capital partner Siggi Saevarsson said the group was looking forward “to a transformational 2022 when our technology will be embedded across both consumer and medical devices”.
B-Secur chief executive Alan Foreman 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.”
