CEO Jowan Österlund started the Biohax as a side project of his piercing business in 2013, and in 2016 moved into Mindpark and made it into a business. The main service is to put a NFC chip, which operates as identification when shopping, opening locks and so on, under the skin of users. This is done between the thumb and index finger. The startup has received much attention from various sectors and has already ‘chipped’ more than 4,000 people only in Sweden. In 2018 Biohax International has expanded to London.

Rapidus reported that Icon Capital Reserve will have a five percent ownership in Biohax International.

Biochip might seem like an odd market, but according to MarketsandMarkets Research it is estimated the global biochip market would be worth over €15 billion by 2020, which shows how promising the startup’s business is.

Österlund sees this cooperation with Icon Capital Reverse as significant for the company.

“It gives us a tremendous boost that a company like Icon sees the benefits of microchip implants in the hand as a way to increase the security of customer identification.” Jowan says

Icon will start using Biohax technology to be able to quickly verify individuals’ identity when they shop with large amounts. To increase security, Biohax has also initiated a strategic collaboration with the American blockchain platform Hedera Hashgraph and Swedish Verisec, which specialize in information security and digital identities. Moreover, the company will launch a new investment round before summer, and is already in dialogue with private investors from the Öresund region. However, Jowan Österlund will continue as majority shareholder in the company.

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Österlund is considered to be one of the world’s foremost so-called biohackers, with over 4 000 implanted chips on the merit list. The chip is put into the hand and operates as identification to effect electronic payments or open electronic locks (e.g. for SJ commuters).

The company was founded as a side project and it has no competitors so far. Various companies worldwide have been contacting Biohax’s founder for customised software to create specific chips for them.

“It has been completely hysterical. A lot of companies chase me to cooperate, not least in the automotive industry with companies like Volvo, Audi and Daimler,” says Jowan Österlund to Rapidus.

Following the establishment in London, the next step will be to develop a procedure manual and certification process, as well as patent the business idea.

Österlund has been financing the business by himself – however, he expects to get investments in 2019.

Source: Rapidus.

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The accelerator programme is providing startups with mentorship and workshops on pitching, growth, metrics and investment for three months, and they receive new groups twice per year.

“We have a very exciting fall to look forward to. The startups were handpicked from approximately 200 applications are eager to grow and have a huge investment potential”, says Alexander Bastien, Managing Director at THINK Accelerate.

The teams, who got accepted into the programme are:

• Biohax (Sweden) provides a microchip that helps digital life become seamless and secure with the use of blockchains. The startup is also working on improving sustainability.
• Competitors App (Romania) allows marketers monitor competitors’ marketing moves within a short period of time.
• Confideal (Ireland) accompanies businesses in creating smart contracts on Ethereum blockchain. It is possible to get or send payments, as well as other transactions.
• e-bility (Germany) offers e-mobility solution services within the whole value chain.
• Events Terminal (Ukraine) is a global marketplace of events, where the event videos are also published.
• Flixier (Romania) helps create special video content for marketing purposes.
• Knolyx (Romania) is a flexible and effective learning management system for innovative companies.
• Snömoln (Sweden) provides a platform for buyers and supplies to connect and reduce food waste in the B2B food industry.
• TOgenesis (Italy) focuses on sustainability, recycling and reducing costs for waste management.
• Wyliodrin (Romania) is a platform for the industrial development and deployment of IoT solutions.

The mentors and speakers include David Beckett, a pitch coach, Anna Poirier from Min Doktor, Erik Byrenius, an entrepreneur and an investor, Hampus Jakobsson from BlueYard, Nicolaj Nielsen from Biostrat, and Karsten Deppert, an entrepreneur and initiator of Øresund Startup News.

Source: THINK Accelerate.

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