Innovatrics’ startup incubator named Biometric Ventures is open for pitches from promising fledgling companies to invest millions of euros, technical support, and mentoring for new players in the biometrics industry.
A website for Biometric Ventures is open for pitches from biometric startups that are seeking a helping hand in building up their enterprise with help from the Prague, Czechia-based venture capital branch of the Slovakian company. In an interview with the Czech edition of Forbes translated by Google Chrome, Martin Vápeníkceo, CEO of Biometric Ventures, says the goal of Biometric Ventures is to capture people generating ideas and promising projects at an early stage of development and elevate it to a final product.
Biometric Ventures is open for a range of pitches, from the traditional ideas for applications in privacy and security, electronics, healthcare, and fintech, to innovations for improve transparency for elections. If a pitch is successful, Biometric Ventures will guide the startup with incubation and pre-seed investment to establish a business plan and bring the product to the market. From there, it moves on to mentoring from biometrics veterans who will advise the startup on business plans and connect to the industry to avoid the complications and failures that befall many startups.
The incubator will also offer technical support in the form of an automated biometric identification system (ABIS) to support large-scale fingerprint, iris and face matching; a digital onboarding kit; ‘Smartface’ for facial recognition; and original equipment manufacturer solutions for fingerprint and face biometric algorithms.
Vápeníkceo says Biometric Ventures has millions of euros ready for support and plans to invest up to 400,000 euros (approximately US$434,000) in individual projects, according to Forbes. “By combining these things, we go further than classic funds, and it is clear from the initial signals that this is a very interesting bonus for startups,” he adds.
Biometric Ventures, which was started in 2020, reports two startups that took off successfully: Ageware, an age verification software; and Elderly Care, a monitoring system for seniors to identify falls and respond to emergencies.
Vápeníkceo also announced a competition to find the biometric idea of the year that is open for applications from the general public.
Biometrics developers are supported by other incubators and accelerators, like Mastercard Smart Path, that are not focused exclusively on biometrics.
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