Nymi raises $20 million Series B, founder Karl Martin moves back to CEO role

Karl Martin Nymi

Nymi has raised a CAD $20 million Series B from GII Tech in Dubai, with participation from Nymi’s Series A investors Relay Ventures and Ignition Partners.

The company last raised a CAD $19 million Series A in 2014. The company’s device measures its wearer’s cardiac rhythm, and a biometric identifier enables continuous presence-based authentication via Nymi’s Bluetooth and NFC communication systems. The company has recently focused on industrial IoT applications, and aims to deploy at scale later this year.

“This is an important milestone for Nymi,” said Nymi founder and CEO, Karl Martin. “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.”

In the past few years, the company has experienced management changes as it shifted its focus to enterprise, and faced reports that it was struggling to ship. In October 2015, co-founder and former CEO Karl Martin moved from CEO to CTO, as former Seattle-based Yubico chief business officer John Haggard moved to the role.

Earlier that year, reports emerged that the company was struggling to ship amid the departures of Nymi president Andrew D’Souza (now founder of Clearbanc) and director of platform Balaji Gopalan (now founder at MedStack).

Martin has moved back to the role of CEO; according to his LinkedIn, Haggard left the company in April 2017.

Nymi’s other co-founder and co-inventor, Foteini Agrafioti, is current leading the RBC Research Lab at the University of Toronto.

BetaKit has reached out for further comment.

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor.