Fingerprints site security firm gets £4m investment
AFIRM which provides specialist fingerprint access control systems to the construction industry has secured £4 million of new private equity investment.
Shirley-based Biosite will use the capital to invest in recruitment and develop new site-management tools which will enable managers to oversee all aspects of a construction project under their control.
Biosite provides biometric workforce management and site security systems to construction companies.
Its technology reads low-quality fingerprints enabling access to building sites even when employees’ hands are unclean.
Biosite was founded in 2010 and is led by managing director Li Wang and research director Greg Reynolds.
The £4 million has been provided by Mobeus Equity Partners.
In addition to its access tools, Biosite has developed a software system which allows customers to use the data collected from the access control platform to manage their workforce as well as providing broader security services including integrated CCTV, fire alarms and guarding.
Biosite’s client Wates, Bouygues, and BAM.
As well as providing efficiency savings, Biosite assists its customers to meet safety and compliance requirements.
Mobeus has introduced Mark Roberts, former chief executive of software firm CSC, as non-executive roster includes Willmott Dixon chairman while Amit Hindocha from Mobeus will also join the Biosite board.
Mr Hindocha said: “We are delighted to be partnering with Li and Greg.
“They have done an excellent job in establishing Biosite as one of the leading workforce management platforms in the construction industry and our funding will provide them with the capital needed to become the site management tool for the industry.”
Mr Wang added: “We had a number of investment offers but in Mobeus we believe we have found the right partner.
“We are looking forward to working together to capitalise on our growth opportunities.”
Advisers on the deal Browne Jacobson, Crowe Whitehill and Insight into IT. include Clarke