January 28, 2016 -
McRock iNFund LP, an Industrial Internet of Things (IIoT) venture capital fund managed by McRock Capital, has added BDC Capital to the previously announced $4 million Series A financing in Toronto-based biometric security firm Invixium.
Invixium’s IP-enabled biometric security products ensure that only enrolled users are able to enter a building or room, all without the use of keys, PINs or passwords.
Since its launch three years ago, Invixium has sold over 3,500 biometric products to government agencies and industrial companies with security requirements in the Middle East, North Africa, India and North America.
“As the world adopts much needed biometric security solutions, the importance of a trusted ‘Made in Canada’ brand is a significant advantage for Invixium,” said Shiraz Kapadia, Founder and CEO at Invixium. “Adding the Business Development Bank of Canada as a shareholder through an investment from BDC Capital provides our company with significant financial backing and business resources to accelerate our growth in global markets.”
“Our goal in backing an expert venture capital fund like McRock, is to partner with high-potential Canadian start-up companies in rapidly emerging sectors like the Industrial Internet of Things to accelerate their success,” stated Jerome Nycz, EVP at BDC Capital. “As a significant investment partner of McRock, this coinvestment in Invixium demonstrates our combined ability to provide expert and financial resources to enable Invixium to succeed and compete on the global stage.”
“The opportunity for advanced biometric security devices and solutions for the industrial and enterprise markets is massive given the growing concern and need to secure physical assets and facilities”, stated Tony Van Bommel, Senior Managing Partner of the Industrial, Clean and Energy Technology Venture Fund at BDC Capital. “Invixium has developed a beautifully designed hardware security product that incorporates leading software functionality to deliver a superior solution”.
“Invixium is the first co-investment that McRock iNFund has made with its institutional and strategic investors, which also includes groups like Cisco and Électricité de France (EDF),” said Whitney Rockley, Cofounder and Managing Director at McRock. “This active co-investment model demonstrates how a specialized VC fund like McRock provides quality investment opportunities to its investors in order to fast track financings of high growth companies like Invixium.”