A BELFAST company developing heart monitoring technology has announced that it has raised £8.8million in 2021, including backing from a US investor.
Biometrics firm B-Secur, said the funding will be used to accelerate its commercial expansion within the United States in the consumer and medical industries.
The announcement comes as B-Secur recently welcomed 30 stakeholders to its Belfast headquarters at Catalyst.
The £8.8m funding was derived from several follow on financing round in 2021, and includes Wharton Asset Management, Kernel Capital and Co-Fund NI (managed by Clarendon Fund Managers) plus Denver-based First Capital Ventures.
B-Secur said the funds will support further development of its ECG technology. Its Heartkey technology, which has FDA approval, is capableof being integrated into consumer and medical devices.
B-Secur co-founder and chief execytive, Alan Foreman said the investment from First Capital Ventures marked a significant development.
“Having received FDA clearance for our HeartKey ECG technology earlier this year, we’ve been working to grow our existing base in Belfast with more highly skilled people and to establish a stronger presence in the US.
“This investment is a strong testimony to our cutting-edge ECG technology and B-Secur’s global scalability.”
First Capital Ventures has a reputation for investing in disruptors. Its portfolio includes SOBRsafe and eSports Entertainment Group, which was recently listed on Nasdaq.
“We seek investment opportunities that make the world a better place and positively impact peoples’ lives,” said Gary Graham, executive managing director at First Capital Ventures.
“At First Capital Ventures we have no doubt that the ground-breaking work B-Secur is doing has the power to be truly transformative. We are looking forward to a joint contribution and the benefit of uniquely combining B-Secur’s attributes with ours – both intellectually and economically.”
In addition to the investment announcement, B-Secur has also revealed it will expand its US team with three newly appointed executives.
