NI’s B-Secur raises US$12million to accelerate heart health technology

Belfast ECG technology company, B-Secur has announced that it has raised £8.8million (US$12million) in 2021 including, for the first time, funding from a U.S. investor.

This investment, which is a sign of the company’s global intent, will be used to further develop key technology and accelerate B-Secur’s commercial expansion within the United States in the Consumer and Medical industries.

The announcement comes as B-Secur recently welcomed around 30 stakeholders locally as well as from the U.S. and across the UK to its Belfast headquarters at Catalyst.

The event was an opportunity for investors to meet the B-Secur team in person, many for the first time given the pandemic, along with the company’s board members and shareholders, learn about its future plans and see its latest technology in a Covid-safe environment.

The £8.8million was raised over several follow-on financing rounds throughout 2021 which included existing UK-based investors Wharton Asset Management, Kernel Capital and Co-Fund NI (managed by Clarendon Fund Managers) plus first-time US investment into B-Secur from Denver-based First Capital Ventures.

The finance will also support the further development of the company’s flagship ECG technology, the FDA-cleared HeartKey® algorithms to be integrated into consumer devices and medical devices within the growing managed care and remote patient monitoring industry.

In response B-Secur co-founder and CEO, Alan Foreman said the investment from First Capital Ventures marked a significant development for the Belfast company.

He continued: “We are delighted to welcome First Capital Ventures as our latest and first U.S. investor alongside the continued commitment from our existing investor base.

“Having received FDA clearance for our HeartKey® ECG technology earlier this year, we’ve been working to grow our existing base in Belfast with more highly skilled people and to establish a stronger presence in the U.S.

“This investment is a strong testimony to our cutting-edge ECG technology and B-Secur’s global scalability.”

First Capital Ventures invests in innovative technologies that disrupt industries. Its portfolio includes rising startups such as SOBRsafe and eSports Entertainment Group which was recently listed on Nasdaq.

“We seek investment opportunities that make the world a better place and positively impact peoples’ lives,” said Gary Graham, executive managing director at First Capital Ventures.

“At First Capital Ventures we have no doubt that the ground-breaking work B-Secur is doing has the power to be truly transformative.

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

Founded in Belfast, B-Secur are on a mission to revolutionise the way people experience technology in the connected world using their unique heartbeat.

In addition to the recent investment announcement, B-Secur has also revealed that its expanding U.S. team will be bolstered by three newly appointed executives.

Dr. David Steinhaus, former medical director and vice president at Medtronic for 14 years joins B-Secur’s senior management team as Americas Advisor to the Board.

B-Secur has also appointed University of Utah’s Assistant Professor Benjamin Sanchez as Scientific Advisor to the Board and Sean Fallon as VP of U.S. Sales.

The key appointments come as B-Secur, which already employs over 50 scientists and engineers, is in the midst of a recruitment drive as it seeks to expand its team at its Belfast headquarters and in the U.S.

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