BioConnect takes $1.5M loan and joins accelerator program to maintain biometric security momentum
Toronto-based biometrics provider BioConnect has secured a CA$2 million (US$1.5 million) loan from BDC Capital to support its continued operations and retain its technical team during COVID-19, the company announced.
The pandemic left a financial mark on BioConnect as it was unable to physically install biometric access control devices, making the leadership team reach out to BDC Capital, which offers loans at favorable interest rates and repayment terms. The financing was arranged by Kyle Feucht, Director, Growth & Transition Capital at BDC Capital’s Toronto office.
“We are very grateful for the financial support from BDC Capital during COVID to help the company keep focused on ‘Enabling Trust in the Connected World’,” said in the announcement Rob Douglas, BioConnect’s Founder and CEO. “Since COVID-19 began, the company has been recognized with the ‘Top Emerging Technology’ award announced by ISC West representing the global security industry, has launched a ‘Wellness Declaration’ solution and completed a 10-point transformation to become a ‘Digital 1st’ company. The company has been able to maintain its market focus because of the support from BDC Capital to retain our strong technical team.”
For over 10 years, BioConnect has been developing biometric authentication software and hardware to secure doors and data server cabinets. Amid the global health crisis, BioConnect launched the Wellness Declaration for users to access secured location to help prevent a second COVID-19 wave. For this initiative, BioConnect won Best Emerging Technology of 2020 at the Security Industry Association’s New Product Showcase Awards.
The company has been included in the MaRS Momentum program for Canadian companies on their way to making $100 million in revenue. The MaRS Momentum program is financially supported by the Federal Economic Development Agency.
“The companies we have selected are being built on Canadian values,” said Krista Jones, MarS Momentum founding executive, in a prepared statement. “They are growing in sustainable, profitable ways, solving urgent issues and creating the kind of good jobs Canada needs.”