Bionex, Inc. provides biometric security solutions for Identity Theft, Credit Fraud and other issues. Bionex, Inc. uses our patent pending Exigency Process to differentiate itself. This method processes and expresses details of each person’s fingers as an unique algorithm. It is not like matching them with a stored image in a database. This process will eliminate the need for millions upon millions of individual fingerprint images stored in a database. It will also lower operating costs and maximize system efficiency. Our process will allow for seamless integration of biometric security into existing systems, and enable secure virtual transactions.
The market opportunity for this technology is huge and subject to high growth trends. A number of reasons are behind the projection that the biometric identification market will exceed $4.04billion within two years. Over $47 billion was spent last year by the banks and government on credit and identity theft. In addition, new legislation in the health care industry and rising security concerns attributed to terrorism will expand the need for biometric devices in the Healthcare and Transportation sectors. Bionex will provide a variety of biometric solutions to complement our Exigency Process, facilitating biometric accuracy in all environments and ensuring security.
Potential competitors include the Biometric Access Corporation (BAC), Bio Pay, Identix, Pay by Touch and Touch Credit. Recent exits from this market include Bioconx and Infineon which failed largely due to over-reliance on the image enrollment system. Bionex, Inc. enjoys several key competitive advantages over the competition, including:
- Our solutions do not require any system or application modifications, and can be seamlessly integrated into any existing platform.
- Our products ensure privacy for users and remove the need to have a corporate-based or government-based database system.
- Our technology is a licensable design that can be integrated into OEM systems and products.
The marketing plan for Bionex is designed to attract new customers and capture new markets. Through strategic contacts we will gain positive national publicity in Wired Magazine & Business Week Magazine. Also, positive national system reviews by ZDNET, CNET, and ZDNET. Bionex will attract financial licensing and banking contracts through complimentary testing, upgrades, POS systems and other services. Bionex will be initiating retail distribution agreements through our valuable contacts with CompUSA and BestBuy.
Our management team has extensive experience with technology development, marketing, finance, and customer service. Senior executives have industry specific expertise in fraud control, transaction processing, and POS payment systems. Finance Majors are well-versed within the financial services and biometric industries. He is a proven entrepreneur and is joined by a team of seasoned veterans from virtually every discipline in the technology and financial services sectors.
The company anticipates huge sales for year three and a substantial net profit. Bionex anticipates quadrupling sales and hugex4 in revenue for year five. The company can be profitable in the first year, provided there are no problems with credit cards licensing agreements or retail distribution contracts.
Bionex Inc. will be able to make, before plan, capital investments over the next six months in order to achieve operational improvements that scale to support expected growth.
1.1 Mission
At Bionex, Inc. our main priority is to provide customers and business partners with unparalleled security and reliability. The following are three areas that our security solutions cover in data security
- Protection Bionex’s security systems only allow users to be identified by their fingerprints alone. Our Exigency Process guarantees that there are no data at risk of theft or loss.
- Privacy The Exigency Processing converts fingerprints in complex mathematical algorithms, which are only available for fractions seconds.
- Flexibility – Our solutions are developed to operate over any mix of network and system infrastructures, enabling seamless integration into existing systems.
1.2 Keys to Success
- All patent applications complete and approved.
- To fully fund prototype production and start up development, obtain initial private investment capital.
- Sign up for an implementation contract to help a financial institution and government branch.
1.3 Objectives
- Receive capital injection during the first year.
- In just three years, huge sales can be generated
- BioXert verification system widely used transactional tokens by the year five.
- The BioVert device will be the top-selling biometric device in five years.
- International expansion requires licensing and distribution of products and solutions by the sixth year.