Following a CHF 800k grant from the CTI (Swiss commission for Technology and Innovation) last February and a CHF 100k loan from the FIT last June, the seed round was led by a serial entrepreneur and business angel Patrick Delarive with participation from the Venture Capital fund Polytech Ecosystem Ventures and SICPA Finance. Further investments from various business angels completed the investment.
The funds will be used to secure talents and especially to rapidly expand the engineering team and to bring the product to its first wearable version. Indeed, Biowatch aims to deliver a first series of pre-production products this year to its clients to prove the viability of the product and business model. Mr. Matthias Vanoni, co-founder of Biowatch SA, said: “Our partners are looking forward to having functional and wearable prototypes so they can test it in a real-life situation. This is a big step for Biowatch’s team as it will give our project more visibility and credibility”. Biowatch is currently working with major actors in the access control domain, automotive industry, banking industry and in the watch industry to integrate its technology.
Biowatch announced during the investor summit organised by the Swiss Economic Forum on January 16th, the opening of the next round of financing, Series A, now available for investors.
In 2016, Biowatch has won many prizes in Switzerland and Europe, and participated in two major acceleration programs in Switzerland:
- Kickstart Accelerator, Zurich. Biowatch participated in the 11-week acceleration program in Zurich and was awarded the 3# prize in the stream Future and Emerging Technologies
- Fusion, Geneva. Biowatch was selected to participate in the 12-month fintech incubator that ended in October 2016
- Swiss Startup Day, Bern. Biowatch finished #7 out of 60 pre-selected startups
- Swisscom startUp Challenge, Zurich. Biowatch was awarded the public vote
- Hardware.co, Berlin. Biowatch won the “coolest technology” award
- Swiss startup summit, Fribourg. Biowatch won the first prize in the Fintech category
- Code-n Festival, Karlsruhe. Biowatch finished in the top 10 out of 62 pre-selected startups
- Dalle Molle Foundation, Martigny. Biowatch was awarded the first prize from the Dalle Molle Foundation
About the key investors
Polytech Ecosystem Ventures is a Venture Capital fund located in Switzerland with a strong presence at EPFL, Lausanne, and in Silicon Valley, California. The fund raised $40 Million and invested in 22 startups in 2016. It is the most active fund in Switzerland.
Founded in 1927 and headquartered in Lausanne, Switzerland, SICPA is a trusted global provider of security inks as well as secured identification, traceability and authentication solutions. With high-technology security inks at the core of its expertise, the company protects the majority of the world’s banknotes, security and value documents, as well as a wide range of consumer and industrial products. It offers solutions and services to governments and industry, ensuring product authentication, traceability and protection as well as tax reconciliation. It has a global presence and has 3’000 employees.
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