FARx, the world’s first and only AI-fused biometrics company, based in Malvern, has secured £250,000 of government start-up funding.
The cash comes from Seed Enterprise Investment Scheme (SEIS) – a UK Government initiative providing tax relief to investors who fund small, early-stage businesses.
FARx is using the £250,000 injection to accelerate R&D and continue to bring its breakthrough technology to market.
It aims to tackle the escalating threat of AI-driven cyber-attacks currently targeting global commerce, enterprise and critical national infrastructure.
Clive Summerfield, CEO of FARx, said: “Receiving this investment through SEIS is a real game changer – an enabler that will help us roll out FARx across a wider range of applications and industries, while delivering strong returns for our investors.
“After years of research, development, and consulting, we’re proud to be able to continue to bring to market our patented AI biometric technology, designed to transform the way secure online services are delivered through fused biometrics.”
At the CyberUK conference earlier this year, Cabinet Office Minister Pat McFadden warned that “AI is going to increase not only the frequency but the intensity of cyber-attacks in the coming year.”
An estimated 35% of UK businesses reported being targeted by AI-related fraud in the first quarter of this year, up from 23% the previous year, with criminals using techniques that include deepfakes, voice cloning, and synthetic identities.
While data from Starling Bank last year shows that 28% of UK adults reported being targeted by an AI voice cloning scam at least once in 2023.
