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Biodit picks up financing from capital venture fund NEVEQ

Categories Access Control  |  Biometrics News  |  Trade Notes

Bulgarian biometrics firm Biodit recently closed Series A financing from capital venture fund NEVEQ.

The company plans to direct the investment to the commercialization of its products in Bulgaria and on the international markets, as well as to continue its development activities.

The venture capital fund NEVEQ II is part of NEVEQ Capital Partners, a team with more than 40 years of investment experience who work with companies which are based mainly in Eastern Europe with a focus on Bulgaria, Romania, Serbia and Turkey.

The fund believes that Biodit has the potential to become one of the leading manufacturers and suppliers of innovative biometric solutions for various verticals such as security in automotive, home automation, banking and access control.

CEO Julian Sofroniev plans to increase Biodit’s team and continue to develop the company’s operations. “Our initial goal is Europe because we know the market and have direct contacts with insurance companies and distributors. The next step is towards Asia and Africa, where in the last three years there is a tendency for huge growth in the use of biometric technology.”

Biodit solutions include hardware development, software and firmware, and overall design.

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