FedDev Ontario makes $3.9m investment in digital identity tech firm
FedDev Ontario has made a $3.9 million investment into Toronto-based digital identity tech firm, BioConnect.
According to FedDev Ontario, this will help Canada’s Digital Charter achieve its goals to increase the safety and security of its citizens.
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.
Navdeep Bains, the minister of innovation, science, and economic development, said in a press release: “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.
“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.”
Digital identity tech
BioConnect will use the investment, which is being leveraged along with $9.1 million in private investments, 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.
Rob Douglas, the founder, chairman, and chief executive officer of BioConnect, said: “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. 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.”