Biomatiques to Benefit from Govt’s 'Fund of Funds'

by CXOtoday News Desk    Jul 13, 2016

Biomatiques to Benefit from Governments Fund of Funds

Biomatiques Identification Solutions, an Indian grown enterprise, known as the first in India to bring in the ‘Iris Recognition Technology’, has been listed amongst the ‘Top 3′ of the 88 start-ups shortlisted for receiving benefits from the government in the ‘Fund of Funds’, INR 10,000-crore corpus set aside for new enterprises. This development comes along with the ‘Start-Up Action Plan’, which is an initiative by the Indian Policy & Promotion (DIPP), to create more jobs within 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.

On Independence Day last year, (15th August, 2015), the ‘Start-up India’ campaign was launched by the Prime Minister, Mr. Narendra Modi, where the aim was to nurture new business enterprises across the country. The Fund of Funds (FFS) is a segment of the plan by the DIPP that will also be helping with bringing up new companies, built with the help of shared corpus, built up over the 14th and 15th Finance Commission. This initiative brings in numerous benefits for start-ups, such as self-certification, tax exemption, 3-year inspection exemption, and an 80 per cent rebate on the cost of patents.

“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,” said Tamaal Roy, CEO of Biomatiques Identifications Solutions.

He then went on to make some valuable points about the avenue of Biometrics, saying “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 malpractices 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.”

As per details, the way Iris Recognition operates is, it uses 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. To simply put it, instead of just fingerprints, our personal IoT and related identities in the virtual world will now be guarded with Iris Recognition, thus enabling only secure external access to data.