B-Secur, a Belfast-based health tech company, has received new funding from Bank of Ireland Kernel Capital Growth Fund NI and US-based First Capital Ventures.

Other existing investors are also participating in the funding round. The company says that total fundraising for 2021 now amounts to $12m.

B-Secur has developed a world first software technique that uses an individual’s unique heartbeat pattern, known as electrocardiogram (ECG), in everyday technologies to securely identify, and provide health and wellness insights at the same time.

Medical grade ECG recording traditionally happens in the hospital environment using expensive equipment. B-Secur is embedding this into latest smartwatches, cars and even clothing.

At the end of 2020, B-Secur was granted FDA clearance for its technology and has since signed its first contract with a US based medical device manufacturer.

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The company says the latest funding will be used to cement the company’s traction in the wearable space whilst accelerating entry into the medical device market.

B-Secur operates from Catalyst in Belfast’s Innovation Centre, and employs 45 scientists and engineers.

Kernel Capital partner Siggi Saevarsson commented: “The world class team at B-Secur has demonstrated that their patented and FDA cleared technology delivers insights and value to wellness and medical devices alike. Kernel Capital is pleased to continue our strong support of the company as it accelerates its growth.”

The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth. Invest Northern Ireland has committed £15m to the fund which is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.

Photo: Siggi Saevarsson (left) and Alan Foreman, CEO of B-Secur