July 5, 2016 -
The move comes a few weeks after Biodit raised 3 million levs (US$1.71 million) in funding from venture capital NEVEQ — an investment that will help the company invest in production capacity.
Biodit recently signed a partnership deal with Spanish firm Segurtasuna and is currently in talks with distributors in Croatia, Germany, Ukraine, France and Italy, Sofroniev said.
With an initial focus on Europe, Biodit plans to rapidly expand its operations in Spain. Sofroniev said the company is currently in talks with direct customers, as well as “very advanced stage of negotiations with two of the largest Spanish hotel chains.”
Biodit has contacts with distributors and customers in the Spanish hospitality industry, including NH Hotel Group.
Following its expansion across Europe, Biodit aims to enter the Asian and African markets where it sees a strong adoption of biometric technologies.
“For 2016 our goal is to consolidate our position as one of the leading manufacturers and suppliers of innovative biometric solutions in various segments of the economy such as security in the auto industry, home automation, banking and access control systems,” Sofroniev said.
“We plan to use the investment in two main directions – for the commercialisation of our products on international markets, and to expand the research and development activities of the company. Last month, the company opened 10 jobs. The expansion of our sales department will provide an opportunity to respond to growing interest from foreign customers and partners.”
Biodit expects the majority of its sales in Bulgaria to stem from the automotive sector, where it has seen strong interest in insurance companies in its biometric system for car security CarSec, Sofroniev said, adding that it has already signed cooperation agreements with three of the country’s leading insurance companies.
Initially founded in Spain, Biodit moved to Bulgaria two years later. The company is a member of the Endeavour entrepreneurs network.