Connecticut agency grants Invixium up to $1M to expand biometric business into U.S.
Invixium will receive up to $1 million in investment from state tech investment agency Connecticut Innovations (CI) to expand its operations in the state, the Stamford Advocate reports.
The company plans to use the $665,000 first installment to hire salespeople for management of strategic accounts, as well as software and data analytics development, sales and marketing, and expansion into the U.S., according to the Advocate.
Invixium Founder and CEO Shiraz Kapadia says in a written statement that the company plans to set up “a strong presence in Connecticut,” but did not specify how many people would be hired in the state.
CI Director of Investments Alison Malloy said Invixium appeals to agency officials due to its strong management team and the importance of security.
In last year’s VentureClash, a digital technology competition with nearly 300 participants hosted by the state, Invixium was a winner, and one of the 10 finalists to present at event’s final at Yale University’s School of Management.
A video produced earlier this year by Invixium shows its IXM TITAN biometric access control terminal operating in extreme environmental conditions.
Comments