Canadian biometrics company BioConnect receives $4M in government funding
By investing $3.9 million in BioConnect’s solution that verifies user identity in physical, IoT and digital applications, FedDev Ontario hopes to assist Canada’s Digital Charter with security boost in the digital space.
The Charter’s 10 principles were launched by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, in May 2019. The Digital Charter is part of Canada’s multi-year Innovation and Skills Plan announced in Budget 2017.
Founded in 2010, BioConnect was included by the Canadian Innovation Exchange in a list of Canada’s top 20 innovative companies of 2017.
“Virtually every aspect of our modern lives depends on information technology. The Government of Canada is supporting Canada’s cybersecurity firms, like BioConnect, in the development and commercialization of their innovative technology to compete in new markets, while providing new solutions to safeguard digital security and privacy,” said Minister Bains in a press release.
“We continue to invest in innovative, forward-thinking companies to ensure Canada remains at the forefront of advanced information technology, creating good jobs and keeping our economy globally competitive.”
This is part of a larger investment plan amounting to $9.1 million in private investments that BioConnect will use to maximize operations and create 40 new jobs, out of which 16 will be in science, technology, engineering, and mathematics. The company announced 1,600 customers and 60 partnerships in Canada, the US and the UK.
“We are tremendously grateful for the partnership we have formed with FedDev Ontario. This program is a perfect example of the Government of Canada supporting young, innovative Canadian companies and providing them the support needed to compete on a global scale,” said Rob Douglas, the founder, chairman, and chief executive officer of BioConnect.
“FedDev Ontario’s support is a material catalyst for us to continue to invest aggressively in BioConnect’s future. We are a very proud Canadian company committed to the GTA and we will leverage this partnership to continue to grow our presence globally.”
Earlier this year, BioConnect’s technology was added to ForgeRock’s Identity and Access Management platform to provide enterprise grade biometrics for secure privileged access. In June, the company welcomed former IBM Executive Debbie Landers to the Advisory Board to assist with strategic development of the company.