B-Secur Raises $12 Million in New Funding

B-Secur Raises US$12 Million in New Funding Led by First Capital Ventures to Expand in the U.S.

Belfast, Northern Ireland — B-Secur, a leader in ECG/EKG technology, today announced that it has raised US$12 million in 2021 following a latest financing round led by First Capital Ventures based in Denver, Colorada, joining existing investors including Kernel Capital, Co-Fund NI managed by Clarendon Fund Managers and Wharton Asset Management. The investment will be used to accelerate B-Secur’s commercial expansion within the U.S. in the Consumer and Medical industries. B-Secur’s U.S. team will be bolstered by three newly appointed executives.

It 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. This is the first time B-Secur has secured funding from a U.S. investor. Focused on commercializing the application of its patented ECG algorithms for a range of uses since 2014, B-Secur previously secured investment from UK-based Kernel Capital, Clarendon Fund Managers and Wharton Asset Management.

“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.”
Alan Foreman, CEO, B-Secur

“Having received FDA clearance for our HeartKey® ECG technology earlier this year, we’ve been working 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,” said Alan Foreman, co-founder and CEO at B-Secur. 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,” commented 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.”
Gary Graham, Executive Managing Director, First Capital Ventures

As a critical first step in its strategic expansion within the U.S. market and MedTech sector, B-Secur today also announced the highly significant appointment of Dr. David Steinhaus, Former Medical Director and Vice President at Medtronic for 14 years, who joins B-Secur’s senior management team as Americas Advisor to the Board. David Steinhaus, M.D., joined Medtronic in 2005 after 20 years of cardiology (electrophysiology) practice where he served as Executive Medical Director, Mid America Heart Institute, St. Luke’s Health System, in Kansas City, MO, before retiring from Medtronic in 2019 as Vice President and General Manager of the Heart Failure Business for the Cardiac Rhythm and Heart Failure Division (CRHF).  Since leaving Medtronic he has served as a consultant and board member to multiple established and early-stage medical device companies. He is currently the executive chairman of the board of Enopace — a company which produces therapeutic neuromodulation devices for the treatment of heart failure.

B-Secur has also appointed University of Utah’s Assistant Professor Benjamin Sanchez as Scientific Advisor to the Board. Dr. Sanchez won the 2014 Martin Black Award for the Best Paper in Physiological Measurement for his work in bioimpedance. He also won the President’s Research Initiative Award from the American Association of Neuromuscular & Electrodiagnostic Medicine. Mr. Fallon joined B-Secur with six years of global account management experience at Maxim Integrated. Alongside Dr Steinhaus, these appointments add considerable strength to B-Secur’s US operations.

B-Secur has seen tremendous business growth in the past year. In February, the company announced it had received FDA regulatory clearance for its HeartKey® ECG Technology. As it expands the deployment of HeartKey® in consumer and medical technology sectors, the company formed partnerships with key semiconductor and electronics companies such as Texas Instruments, Maxim Integrated and STMicroelectronics to provide powerful, medical-grade ECG monitoring for consumer wearable devices. Last month, B-Secur launched the world’s first ECG Development Kit to help technology companies fast-track the development of their ECG devices.