$3.9 million to help cybersecurity firm scale up, create 40 high-quality jobs and compete in global markets
September 6, 2019 – Toronto, Ontario
As we drive towards a more connected, digitally enhanced society, the Government of Canada is helping homegrown companies to stay at the forefront of advanced information technology and seize the opportunities of this new economy.
Today, Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Member of Parliament for Spadina–Fort York, announced a FedDev Ontario contribution of up to $3.9 million for BioConnect to execute a strategic growth plan to scale up operations. This announcement was made on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
BioConnect is a biometric technology and software company that provides identity management solutions for both digital applications and physical spaces. This investment will support the company to strengthen its product portfolio, commercialize new technology and increase its labour force to expand into new markets. BioConnect expects to create 40 new high-quality jobs in Toronto, including 16 jobs in the fields of science, technology, engineering and mathematics.
Today’s investment builds on the Government of Canada’s Digital Charter. The Charter’s 10 principles outline how Canada can address the challenges that come with a digital world while leveraging our unique talents and strengths to harness the power of this transformation. The second principle is specifically focused on ensuring Canadians’ safety and security online, which are underpinned by modern cybersecurity technologies.
“As the rapid growth of the digital economy continues, our government is investing in the scale up of homegrown firms to make sure local companies stay competitive globally. We are pleased to support BioConnect as they grow to take advantage of new business opportunities, create good jobs in our community and continue to be a fine example of the innovative and entrepreneurial spirit so deeply entrenched in the GTA.”
– Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Member of Parliament for Spadina–Fort York
“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.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario
“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.”
– Rob Douglas, Founder, Chairman and Chief Executive Officer, BioConnect
- BioConnect provides biometric access control solutions to verify a person’s identity across physical, the Internet of Things (IoT) and digital applications, resulting in exact identity assurance, cybersecurity and protection of valuable company assets.
- BioConnect currently has 1,600 customers and 60 partnerships in Canada, the United States and the United Kingdom.
- In 2017, the Canadian Innovation Exchange chose BioConnect as one of the top 20 most innovative companies in Canada.
- In addition to FedDev Ontario’s repayable contribution, BioConnect will leverage more than $9.1 million in private investment towards total project costs of more than $13 million.
- BioConnect is a participant of the Government’s Accelerated Growth Service initiative.