Pictured: B-Secur founders Alan Foreman and Ben Carter
Our start-up of the week is B-Secur, a company that uses your heartbeat as a way of identifying and authenticating who you are.
“B-Secur is a next generation biometric company, focusing on using your ECG/heartbeat as a way of driving genuine user authentication,” explained CEO Alan Foreman.
“These solutions use external biometrics, where our ECG solution is an internal solution (inside the human body) and therefore not open for external manipulation.
The company was one of six Irish start-ups selected to take part in the Accenture FinTech Innovation Lab.
The market
“We see our solution as highly agile, flexible, scalable, cost effective and relevant to any industry looking for genuine user authentication and looking to fight back against hackers and criminal activity in the use of personal and financial data and privacy,” Foreman explained.
He said the company is currently engaged in discussions with corporates within the financial services, automotive, ICT, public services and mobile industries.
The founders
Foreman was a managing director at Accenture for 19 years.
Chief commercial officer Ben Carte, has worked for some of the biggest technology companies including Microsoft, Nokia, Pace and Sony for over 17 years.
CTO, David Hurst, is ex Cisco and Accenture.
“This team has been formed through a long established network and relationships, and they are real subject matter experts in their fields,” Foreman explained.
“We are looking to drive a company and technology that is predicted, by Gartner, to exponentially grow over the next 5-10 years, redrawing the battle lines for user authentication thus providing assurances for business and consumers alike.”
The technology
B-Secur has created an algorithm that detects your unique ECG pattern which is picked up via external sensors and can be built into almost anything.
“Once authenticated, it will allow you access to whatever aspect of technology the B-Secur solution is embedded into,” Foreman said.
Examples and user m range across several industries: online authentication (banking, services, network log on); building access; car access and car starting (automotive); employee authentication (building access and construction; medical authentication; security (airport, Military, passport immigration; and ICT (mobile phones, laptops, tablets).
“We see our technology as a genuine, scaled next generation bio-metric solution. From our research we understand the bio-metrics market is set to grow from circa US$10bn to US$25bn by 2020. In order to achieve this scale, robust, cost effective technology is required. We are confident that our solution offers the genuine user authentication required, and can provide all the necessary elements that large companies will be looking for.”
Engagement
Foreman says that B-Secur is making good progress and driving the main elements of the company.
“We have strong financial backing and are well placed to focus on developing the key components of our technology to ensure our solution and products are robust and fit for purpose.
“From a commercial point of view, we continue to engage and qualify the key industry verticals and potential partners we look to collaborate with in our drive to bring our products to market. We are looking to deploy and commercialise our first product this year.”
Challenges and opportunities
“The biggest challenge for any start-up trying to work with large businesses is the mismatch in size.
“The Accenture FinTech Innovation Lab removes a few of those initial challenges in terms of engagement and access to decision makers.
“The challenge, with all the opportunities we have, is focusing in on one or two key projects that we believe will help us deliver on our business plan, even if that means letting some other opportunities go.”
Foreman’s advice to other start-ups is to keep believing in your product and yourselves.
“There are many different bodies within Ireland that are looking for the next wave of technology ideas, entrepreneurs and people.
“Spend some time looking for them, then seek their advice, guidance and council. Make sure, even if you believe your idea is the best thing ever thought of, that you take on board other people’s input, insight and advice!”
