Belfast health-tech company secures US investor to aid expansion

8 Nov 2021

Siggi Saevarsson, partner at Kernel Capital, with Alan Foreman, CEO of B-Secur. Image: B-Secur

B-Secur recently received FDA clearance for its heart monitoring technology and hopes to expand its offering in the US market.

Belfast-based health-tech company B-Secur has raised a total of £8.8m this year, attracting its first US investor in the process.

Its latest round of funding was led by US-based First Capital Ventures, while Bank of Ireland’s Kernel Capital growth fund increased its investment in the company.

Other existing investors also participated, including Co-Fund NI and Wharton Asset Management. The funds will be used to aid B-Secur’s expansion into the US.

“We are delighted to welcome First Capital Ventures as our latest and first US investor alongside the continued commitment from our existing investor base,” said Alan Foreman, CEO of B-Secur.

B-Secur has developed software that uses electrocardiogram (ECG) technology to provide user identification and health and wellness insights through an individual’s unique heartbeat pattern.

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

Towards the end of last year, B-Secur was granted FDA regulatory clearance for its HeartKey wearable ECG technology and has since signed its first contract with a US-based medical device manufacturer.

The company has also partnered with several semiconductor and electronics companies such as Texas Instruments, Maxim Integrated and STMicroelectronics in its bid to expand its wearable heart health monitoring tech into the US market.

“At First Capital Ventures, we have no doubt that the groundbreaking work B-Secur is doing has the power to be truly transformative,” Gary Graham, executive managing director of First Capital Ventures, said.

“We are looking forward to a joint contribution and the benefit of uniquely combining B-Secur’s attributes with ours – both intellectually and economically.”

B-Secur has offices in Belfast’s Catalyst centre, where its employs more than 45 scientists and engineers. It will look to hire additional staff in Belfast and the US in the coming months.

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Blathnaid O’Dea is Careers reporter at Silicon Republic

editorial@siliconrepublic.com