Nov 7, 2022 - Economy

Exclusive: Biometric gunmaker raises $14 million led by Founders Fund

Illustration of a shooting range target but the bullseye is a dollar sign.

Illustration: Maura Losch/Axios

Biofire, a Colorado-based maker of biometric handguns, tells Axios that it's raised $14 million in Series A funding led by Founders Fund.

Why it matters: Firearms were the leading cause of death for children and teenagers in 2020, per the CDC, most of which were either accidents or suicides. Biometric locks tied to the adult gun owner and authorized users could have helped keep thousands of kids alive.

Flashback: Founders Fund partner Trae Stephens expressed a lot of skepticism toward smart guns in a 2019 Bloomberg interview, but tells me that his change of heart comes from significant changes to regulation (namely a revised smart gun law in New Jersey) and Biofire's technological advancements. He adds that he's known of Biofire for years, having originally been introduced by longtime smart gun advocate and Biofire investor Ron Conway.

  • It's also notable that Founders Fund and others are putting their names to the deal. Back when Biofire raised its seed round earlier this year, we lamented how few of its investors were willing to be publicly identified.
  • Other investors include 10X Capital, Gaingels, and insiders Draper Associates, Structure Capital, Service Provider Capital and Gavin de Becker & Associates.

The bottom line: Stephens and Biofire CEO Kai Kloepfer say that the company's debut product should be available within the year, with plans to focus more on retail sales than B2B channels like police and private security. He declined to comment more on the gun's biometric features, except to say gloves.

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