BioConnect Gets $3.9 Million in Federal Funding for Expansion Effort

“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 CEO, BioConnect

Toronto-based biometrics specialist BioConnect is poised to grow with help from new government funding: FedDev Ontario, a federal institution aimed at promoting innovation in the province of Ontario, has committed to delivering up to $3.9 million for BioConnect’s strategic growth plan.

In a statement announcing the funding, FedDev Ontario framed it as an investment that “will support the company to strengthen its product portfolio, commercialize new technology and increase its labour force to expand into new markets.” Elaborating further, Adam Vaughan, a Member of Parliament for Toronto’s Spadina-Fort York district, said, “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,” referring to the Greater Toronto Area, a municipal district encompassing almost six million people.

For its part, BioConnect says it expects the funding to lead to the creation of 40 new jobs in Toronto, including 16 in the STEM areas. The funding will be combined with $9.1 million in private investment to support total expansion costs of $13 million.

BioConnect CEO Rob Douglas called the support “a material catalyst for us to continue to invest aggressively in BioConnect’s future,” adding that it will help to expand BioConnect’s global reach.

The funding news comes after BioConnect’s announcement of new appointments to its Advisory Board and its executive team in late spring, further bolstering the company’s solid foundation for growth as it seeks to develop and promote its multimodal identity management solutions.

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September 9, 2019 – by Alex Perala