Biowatch SA has successfully closed the seed financing round of € 1.12 million to finalise their product – a biometric recognition system that can be integrated in any wearable for secure authentification.
Biowatch SA developed the first miniaturized wrist vein scanner as a new means of biometric recognition. Once integrated into a module, it 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. It enables users to unlock a car, access an office, login to the internet, purchase goods and services and sign contracts and digital documents.
Biowatch is currently working with major players in the access control domain, automotive industry, banking industry and in the watch industry to integrate its technology. Founded in 2015, the young company aims to deliver a first series of pre-production products this year to to prove the viability of the product and business model. The startup is based in Lausanne, Switzerland.
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 € 740k grant from the CTI in February 2016 and a € 93k loan from the FIT in June 2016. The funds will be used to secure talents and rapidly expand the engineering team. Also the product is going to be brought to its first wearable version.
Matthias Vanoni, co-founder of Biowatch SA: “Our partners are looking forward to have functional and wearable prototypes so they can test them in a real-life situation. This is a big step for Biowatch’s team as it will give our project more visibility and credibility.”