FedDev Ontario announces $4M investment in digital identity firm BioConnect

FedDev Ontario’s recent $3.9 million investment in Toronto-based digital identity technology firm, BioConnect, will help Canada’s Digital Charter achieve its goals to increase the safety and security of its citizens, according to the organization.

BioConnect, founded in 2010 and named one of Canada’s 20 most innovative companies in 2017 by the Canadian Innovation Exchange, specializes in the design of biometric access control solutions that can be used by individuals to verify their identity across physical, IoT, and digital applications.

“Virtually every aspect of our modern lives depends on information technology. The Government of Canada is supporting Canada’s cybersecurity firms, like BioConnect, in the development and commercialization of their innovative technology to compete in new markets, while providing new solutions to safeguard digital security and privacy,” said Navdeep Bains, the minister of innovation, science, and economic development, in a press release. “We continue to invest in innovative, forward-thinking companies to ensure Canada remains at the forefront of advanced information technology, creating good jobs and keeping our economy globally competitive.”

The investment, which is being leveraged along with $9.1 million in private investments, will be used by BioConnect to execute a growth plan to scale up its operations. This investment – and the resulting growth plan – will allow BioConnect to create 40 new positions in Toronto, including 16 jobs in the fields of science, technology, engineering, and mathematics.

“We are tremendously grateful for the partnership we have formed with FedDev Ontario. This program is a perfect example of the Government of Canada supporting young, innovative Canadian companies and providing them the support needed to compete on a global scale,” said Rob Douglas, the founder, chairman, and chief executive officer of BioConnect. “FedDev Ontario’s support is a material catalyst for us to continue to invest aggressively in BioConnect’s future. We are a very proud Canadian company committed to the GTA and we will leverage this partnership to continue to grow our presence globally.”

BioConnect currently boasts 1,600 customers and 60 partnerships in Canada, the U.S., and the U.K.

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Buckley Smith
Buckley Smithhttps://www.itbusiness.ca
Staff writer for IT World Canada. Covering the world of technology as it applies to business. Buckley is an avid sports fan who loves travel, food, and music. Can be contacted at [email protected] or 416-290-2000.

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