May 17, 2017 -
Nymi, creator of the wearable authentication technology Nymi Band, has closed a US$15 million Series B round of funding.
The funding round was led by new investor GII Tech from Dubai, along with participation from Nymi’s Series A investors, Relay Ventures and Ignition Partners.
“This is an important milestone for Nymi,” said Karl Martin, founder and CEO of Nymi. “We have made significant progress in the last two years, delivering on our vision of wearable, Always On Authentication. This new round of financing, with the support of our existing investors and the addition of GII Tech Ventures, provides us with the necessary resources to enter the next phase of scaled deployments.”
Founded in 2011 and based on 10 years of research at the University of Toronto, Nymi launched the Nymi Band wearable authenticator in 2014.
Using the wearer’s cardiac rhythm as a biometric identifier, Nymi Band enables continuous presence-based authentication via its patented secure Bluetooth and Near Field Communication (NFC) communication systems.
More recently, Nymi has focused on Industrial Internet of Things (IoT) applications which the company aims to deploy at scale later this year.
“Nymi is yet another brilliant fit for the GII Tech portfolio as it matches our core focus of seeking disruptive category creators within the dynamic technology domain,” said Vijar Parmar, managing partner at GII Tech Ventures. “We look forward to becoming a true partner in growth for the company’s expansion into new verticals and geographic markets.”
Since its Series A funding in September 2014, Nymi’s Always On Authentication technology has gained considerable momentum in the industrial IoT sector with customer deployments scaling throughout 2017.