Biowatch SA raises CHF 1.2M in seed round
Posted on 19.01.2017 in News
19.01.2017 Biowatch SA has successfully closed the seed financing round with CHF 1.2M to finalise the development of their solution. The Lausanne based startup is developing a biometric recognition system that can be integrated any wearable for secure authentication.
The oversubscribed seed financing round was led by serial entrepreneur and business angel Patrick Delarive with participation from the Venture Capital fund Polytech Ecosystem Ventures and SICPA Finance. Further investments from various business angels completed the investment. This seed round is following a CHF 800k grant from the CTI in last February and a CHF 100k loan from the FIT last June. The funds will be used to secure talents and especially to rapidly expand the engineering team and to bring the product to its first wearable version. Indeed, Biowatch aims to deliver a first series of pre-production products this year to its clients to prove the viability of the product and business model. Matthias Vanoni, co-founder of Biowatch SA, said: “Our partners are looking forward to having functional and wearable prototypes so they can test it in a real-life situation. This is a big step for Biowatch’s team as it will give our project more visibility and credibility”. Biowatch is currently working with major actors in the access control domain, automotive industry, banking industry and in the watch industry to integrate its technology. About Biowatch Biowatch SA developed the first miniaturized wrist vein scanner as a new means of biometric recognition. Once integrated into a module that can be added to any watch or wearable, Biowatch uses the unique pattern of the user’s wrist-veins to recognise them, hence providing a secure source of authentication. Biowatch enables users to unlock a car, access an office, login to the internet, purchase goods and services and sign contracts and digital documents. (Press release/ran) Source: startupticker