In a round led by Ignition Partners and Relay Ventures, Toronto-based authentication specialist, Bionym has brought in $14 million in new funding.
Bionym is the maker of the Nymi, a wearable authentication solution that uses an individual’s cardiac rhythm to provide a unique identifier that makes pass codes and PINs passé.
The Series A funding comes just days before Bionym is scheduled to demonstrate the Nymi – and the technology behind it – at FinDEVr, the first event for fintech developers, in San Francisco.
Karl Martin, Bionym CEO, said that the new funding will help the company meet “manufacturing milestones” as well as help add talent to the team. Quoted in Reuters, Ignition Partners managing partner, Nick Sturiale pointed to commitments from a broad range of third-party app developers as key in helping Bionym grow the number of use cases for its wearable authentication solution.
Also participating in the round were Export Development Canada (EDC), MasterCard, and the corporate investment arm of Salesforce.com, Salesforce Ventures. Bionym’s total capital now stands at $15.4 million.
Bionym’s Nymi is an example of how innovators are looking at new ways to both make the authentication process seamless as well as take advantage of the trend toward wearables. Founded in 2011, Bionym just announced its 40th employee, and a move into new offices in downtown Toronto.
Meet the team from Bionym next week at FinDEVr. Tickets to the two-day event are available here.