Nymi's heartbeat ID tech draws new investment
Investors have poured $15 million into Nymi to help the Toronto startup commercialize its wearable authentication technology.
GII Tech from Dubai led the Series B round, along with Nymi's Series A investors, Relay Ventures and Ignition Partners.
Nymi's "Always On Authentication" technology has been long in the making, starting with more than a decade of research at the University of Toronto, the launch of Nymi in 2011 and the introduction of the Nymi Band in 2014, followed by some early tests in Canada with Mastercard and other partners.
The band uses the wearer's cardiac rhythm as a biometric identifier and enables constant authentication via Nymi's Bluetooth and Near Field Communication system.
It introduced open development tools late last year, and is looking to take advantage of an expected uptick in biometric deployments as retailers look for ways to balance identity risk with the need for seamless multi-channel shopping.
"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," said Karl Martin, Nymi's founder and CEO, in a release.