Biomatiques amongst the top 3 of the 88 Indian Start-ups to receive the Fund of Funds

India, July, 2016: Biomatiques Identification Solutions Pvt. Ltd.was recently named amongst the top 3 of the 88 Indian start-ups to benefit from the INR 10,000-crore ‘Fund of Funds’ (FFS) announced by the Government of India.Biomatiques a Surat based firmis the first Indian company to introduce ‘Iris Recognition Technology’ in the country.Iris recognition method is an automated form of biometric identification that uses mathematical pattern-recognition techniques on video images of one or both of the irises of an individual’s eyes, whose complex random patterns are unique, stable, and can be seen from some distance.
Earlier this year on 15th of August 2015, The ‘Startup India’ campaign was announced by Prime Minister Mr. Narendra Modi that aimed to enable an eco-system to promote and nurse entrepreneurship across the country. The FFS comes from the Start up India Action Plan, an initiative of Department of Industrial Policy & Promotion (DIPP) to generate employment in the country.FFS would also be extending funding support for Startups through the corpus which shall be built up over the 14th and 15th Finance Commission. The benefits for startup India includeself-certification, tax exemption, a three-year exemption from inspections and 80% rebate on patent cost.
Commenting on the occasion Tamaal Roy – CEO Biomatiques Identification Solutions Pvt. Ltd. said “We are motivated and happy to be amongst the top 88 start-ups to be benefited from the Fund of funds. After getting Standardization, Testing & Quality Certification (STQC) from the Department of Electronics & Technology (DeitY), this has been one of our major achievements. This initiative by the Government of India will surely boost entrepreneurship and job creation across the country.”
“Security and accountability are the two major reasons why we are in the business of biometrics. In a country like India which happens to be the second largest in the world in terms of population, maintaining records, ensuring seamless and effortless tracking of citizens and eradicating mal practices around distribution of government benefits and subsidies can be quite challenging. Our technology will definitely play a pivotal role in changing the security infrastructure of India.” He further added.
Iris Recognition Technologyuses random textures that are visible in the eye, using the eye to confirm someone’s identity.An algorithm is created to map the random pattern and then generate a unique biometric template for human identification which is unique for every individual. Apart from the technology, even on the price front, Biomatiques has managed to bring the cost down and is at par with the makers of fingerprint technology.