Israeli smart gun startup Clipfort acquired for $28.1 million

April 21, 2016 - 

Australian firm Azonto Petroleum has acquired Israeli smart gun startup Clipfort for $28.1 million, according to a report by Geektime.com.

Clipfort is developing firearm magazines that can only be activated when the gun’s owner swipes his or her fingerprint, ensuring personal security for weapons.

A quick visit to Clipfort’s website reveals a sparse, one-page description of the company’s offerings:

Clipfort LTD is a developer of advanced safety solutions for defense, law enforcement and consumer categories. We bring world-class expertise in wide range of product development disciplines, including: UX/UI, Industrial Design, Packaging/POS (Point of Sale), Mechanical, Electrical, Software and Firmware Engineering.
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Founded in 2013, the Kfar Saba, Israel-based startup successfully raised $1.2 million in an investment round led by OurCrowd, in September 2014.

Clipfort’s flagship product, GoSafe ID Mag, uses a sensor to authenticate the fingertips of the individual grasping the gun. When an individual who has not registered with the smart gun magazine attempts to pull the trigger, the gun remains locked.

The company is mostly focused on the U.S. firearms market, where private gun ownership has become a hot button issue in many states.

The merged company will begin trading on the Australian Securities Exchange (ASX) by July. The new board of directors will include Clipfort founder Daniel Biran and several new directors nominated by Azonto Petroleum and Clipfort.

In February, Washington Ceasefire and Smart Tech Challenges Foundation (STCF) held the International San Francisco Smart Gun Symposium where leading smart gun developers and proponents discussed the potential of smart guns to save lives and the resources needed to make them a reality.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.