The History of Biomac

Biomac Systems, Inc., the parent company of The Foundation, was incorporated in Delaware in 2007 to design and manufacture a system for a biometric “Smart gun,” a weapon that recognizes its owner or authorized user, including up to 11 users. The system was also intended to lend itself to the converting of existing handguns and rifles into “smart guns” with retrofit kits, as well as new gun production.

After filing a preliminary patent application, Biomac entered into exclusive contractual alliances with HTBL-Ferlach, the most renowned gunsmith university in the world, as well as Nanoident AG, a rising star in Europe’s biometric industry – both located in one of the recognized world capitals of gun craft, Austria. This strategic positioning resulted in Biomac being awarded a financing package from the Carinthian fund KWF in 2007. The package allowed outright subsidies of at least 25 percent, and up to 75 percent of research and development costs, over its initial three years of R&D.

Though Biomac always intended to do the retrofitting of existing weapons through its Foundation, the global economic downturn, and subsequent credit crunch, claimed Biomac’s supplier Nanoident as one of its casualties. The demise of Nanoident as Biomac’s exclusive development arm, opened the door to Biomac acquiring their staff of world renowned scientists as well as their underlining technology -- an opportunity that could not be ignored. It was the catalyst for Biomac to not only transfer its smart gun research and development to its Foundation, but also its entire for profit model, as it pertains to biometric access control of weapons.

The hybrid “for profit/not-for-profit” structure of Biomac Systems, Inc., and its Foundation was inspired by Paul Newman’s Salad Oil Company, which has raised hundreds of millions of dollars for various charities. The goal of the Foundation is to create a self-perpetuating source of capital from it’s manufacturing and licensing operations for its charitable work. The potential value of the fund can only be imagined when one considers the possible revenue stream from converting the world’s 650 million weapons.

Set as favorite

Bookmark

Email this

Comments (0) Add Comment