Bionym secures $14 million Series A investment, aims to become ‘the de facto platform for persistent, trusted identity’

Nymi promo video

Toronto-based Bionym has had a vision for you to completely remove keys and passwords. The company focussed in on the emerging wearable space and developed a wristband called Nymi Band that uses you unique heartbeat for authentication and acts as your universal passcode.

Bionym has received over 10,000 pre-orders for Nymi — which costs $79 (CDN) — and has an estimated ship date scheduled for the fall.

To boost its presence and “establish Nymi as the de facto platform for persistent, trusted identity,” Bionym announced its successfully closed $14 million Series A round led by Ignition Partners and Relay Ventures, and also Export Development Canada (EDC), MasterCard, and Salesforce Ventures.

Bionym currently has about 40 employees and will use the funds to expand the team and also “build strategic partnerships across a variety of industries.”

“This is a significant milestone for Bionym,” said Karl Martin, CEO and founder of Bionym. “We’re establishing the Nymi as the de facto platform for persistent, trusted identity, and this round of financing is providing us with the resources needed to bring the platform to market. We continue to grow our world-class team, solving hard problems around persistent authentication, seamless and trusted interactions, and hyper-personalization of experiences. We’re at the forefront of a revolution in identity-based interactions with devices and services, and our momentum continues to grow with the support of our investors and strategic partners.”

Ian Hardy

Ian Hardy

Ian is publisher at MobileSyrup. He's been quietly creating and building things for years and is completely addicted to Tim Hortons.

  • Hitoshi Anatomi

    Biometrics would be fine for physical security but I am not certain for the identity
    authentication in cyberspace. Whether static or behavioral or electromagnetic, biometrics cannot be claimed to be an alternative to passwords UNTIL it stops relying on a password for self-rescue against the false rejection altogether while retaining the near-zero false acceptance in the real outdoor environment.

    Biometrics operated with a password in the OR/disjunction way offers a lower security than when only the password is used, because the overall vulnerability of the product is the sum of the vulnerability of biometrics and that of a password. It is necessarily larger than the vulnerability of a password,