NEW DELHI, July 30 (PTI): Biometrics-based multi-factor authentication startup Biocube expects revenue to grow by over 66 per cent to USD 40 million by 2025.
The company began commercial operations in September last year and commenced full-scale operation this year from which it expects to gain revenue of USD 24 million.
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“… The first contract also went full scale this year only. We have contracts which will give revenue of USD 24 million in 2024 and USD 40 million in 2025,” Biocube founder and CEO Subodh Narain Agrawal told PTI.
The London-based company has most of its team members in India.
“Currently, we have close to 80 employees, most of whom are based out of the development centre in India. With the expansion of its operations across international borders, Biocube will soon increase its workforce and local presence across various geographies,” Agrawal said.
A serial entrepreneur, Agrawal further said that he became a victim of cyber fraud when he was working on solving the visa verification process as his money was stolen from his bank account while he was on a flight.
“During the investigation, I learnt several gaps that exist in the authentication of customers and the way technology is evolving there can be many. That is when I started deeply working on biometrics-based verification technology. We worked on finding answers to counter new technologies that can evolve to bypass authentication process such as voice, iris etc,” he said.
He said that after robust testing, the platform was ready by the end of 2021, and thereafter, Biocube decided to go to market for pilots. “12 pilots were successfully completed that year, and the company secured 7 contracts across four continents.” “Three are live in India and Africa, and there are multiple pilots and advanced-stage discussions with high-value clients in the US, Australia, and the Middle East, with potential revenue of USD 100 million in 2024,” Agrawal said.
Biocube has been engaged in Prime Minister Daksh Scheme under the Ministry of Social Justice Empowerment (MoSJE), which upskills and distributes benefits, for verifying BioID-based presence and to stop pilferage at over 370 centres across the country.
Further, Agrawal said that Biocube has received its first US patent on ‘Distributed Architecture for multifactor contactless biometric authentication’ and has filed four more patents (Fast Compute Face Algorithm, Contactless Finger Algorithm, Multilingual Voice Algorithm, and Contactless Palm Algorithm).
“We are now increasing our footprint in Mexico, India, Australia and the US through channel partnerships. Biocube is also planning to set up offices in the US, the Middle East, Southeast Asia, the Far East, and the UK soon, which will have a dedicated sales team for local geographies,” Agrawal said.
According to Agrawal, the company is planning to set up a development centre in the EU and an innovation centre in the US by next year.
“The biometric market is expected to grow at a compounded annual growth rate of 16 per cent between 2023 and 2030, however, we expect the Biocube growth to be much steeper. The total addressable market is expected to reach USD 90 billion by 2027. Banking, visa, immigration and hospitality are going to be the large segments of this pie,” Agrawal said.
