Biometric wearables developer Bionym closes $14M financing round

Bionym announced it has closed a US $14 million Series A round of funding led by Ignition Partners and Relay Ventures.

Rounding out the group of investors are Export Development Canada, MasterCard, and salesforce.com’s corporate investment group, Salesforce Ventures.

Bionym has developed the Nymi band, a wearable device that authenticates a person’s identity by analyzing their heartbeat, or unique electrocardiography.

The wearable device can also used with applications that require passwords, PINs and keycards.

“We see the Nymi as a potential game changer,” said Bionym CEO and founder Karl Martin. “We’re establishing the Nymi as the de facto platform for persistent, trusted identity, and this round of financing is providing us with the resources needed to bring the platform to market.

With nearly 40 employees, the downtown Toronto-based Bionym is rapidly growing in size.

The company continues to establish key partnerships across a range of industry sectors, working with “its rapidly expanding partner ecosystem to create trusted, personalized experiences for them, their customers and employees, and solve some of their most pressing business problems,” said Bionym president Andrew D’Souza.

“We continue to grow our world-class team, solving hard problems around persistent authentication, seamless and trusted interactions, and hyper-personalization of experiences,” said Martin. “We’re at the forefront of a revolution in identity-based interactions with devices and services, and our momentum continues to grow with the support of our investors and strategic partners.”

Bionym has already received more than 10,000 pre-orders for the Nymi Band, which is scheduled to roll out later this fall.

Previously reported, Bionym joined FIDO (Fast IDentity Online) Alliance this past July.

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