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.”