BIODIT closed Series A financing from capital venture fund NEVEQ. The company plans to direct the investment to the commercialization of its products in Bulgaria and on the international markets, as well as to continue its development activities. The Fund believes that BIODIT has the potential to become one of the leading manufacturers and suppliers of innovative biometric solutions for various verticals such as security in automotive, home automation, banking and access control.

CEO Julian Sofroniev plans to increase BIODIT’s team and continue to develop the company’s operations. “Our initial goal is Europe because we know the market and have direct contacts with insurance companies and distributors. The next step is towards Asia and Africa, where in the last three years there is a tendency for huge growth in the use of biometric technology”, said Sofroniev and gives the example of at least 20 African countries that have used similar technology during their last elections.

The venture capital fund NEVEQ II is part of NEVEQ Capital Partners. They have over 40 years of investment experience and a team made up of prominent industrial leaders from the region. They work with companies which are based mainly in Eastern Europe with a focus on Bulgaria, Romania, Serbia and Turkey.