Belfast health tech B-Secur raises $12m

B-Secur, a Belfast-based health tech company, has completed a total raise of £8.8m (USD $12m) of investment in 2021.

B-Secur’s technology uses a person’s heartbeat as a secure identifier.

The latest round was led by US-based First Capital Ventures and The Bank of Ireland Kernel Capital Growth Fund NI, increasing its investment level to £2.2M with other existing investors also participating.

“We look forward to a transformational 2022 when our technology will be embedded across both consumer and medical devices”

B-Secur has developed a world first software technique that uses an individual’s unique heartbeat pattern, known as electrocardiogram (ECG) in everyday technologies to securely identify, and provide health and wellness insights at the same time. 

Medical grade ECG recording traditionally happens in the hospital environment using expensive equipment, but B-Secur are embedding this into latest smartwatches, cars and even clothing and are already selling to some of the world’s largest technology companies. 

At the end of 2020, B-Secur was granted FDA clearance for its technology and has since signed its first contract with a US based medical device manufacturer. The funding will be used to cement the company’s traction in the wearable space whilst accelerating entry into the medical device market. 

Heart beat biometrics

“We are delighted with the investment by First Capital Ventures and by the continued support from Kernel Capital and our other investors and we look forward to a transformational 2022 when our technology will be embedded across both consumer and medical devices,” said Alan Foreman, CEO, B-Secur.

The company, which has offices within Belfast’s Innovation Centre, Catalyst, employs over 45 scientists and engineers and will look to hire additional staff in Belfast and the US.

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 £15m 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.

“The world class team at B-Secur has demonstrated that their patented and FDA cleared technology delivers insights and value to wellness and medical devices alike,” said Siggi Saevarsson, Partner, Kernel Capital.

“Kernel Capital are pleased to continue our strong support of the company as it accelerates its growth.”

Main image at top: Siggi Saevarsson, Partner, Kernel Capital; Alan Foreman, CEO, B-Secur

John Kennedy
Award-winning editor John Kennedy is one of Ireland's most experienced business and technology journalists.