Invixium, a Toronto-based biometric security products manufacturer that focuses on access control and workforce digitalization technology, has closed $3 million in financing.
The funding was raised from Export Development Canada (EDC), as well as existing investors McRock Capital, BDC Capital, and Connecticut Innovations. The company plans to use the capital to expand its sales and marketing efforts and explore growth opportunities, after reporting demand has surged for touchless and elevated body temperature detection.
“We plan to lead the market with our touchless biometric solutions for workforce management and worksite access control.”
“We plan to lead the market with our touchless biometric solutions for workforce management and worksite access control and will continue to add innovative features like temperature detection to our solution as a COVID-19 response,” said Shiraz Kapadia, founder and CEO of Invixium. “I am honoured to have the backing of a prestigious group of investors who believe in our vision, company and technology.”
Founded in 2012, Invixium is based in Toronto with an office in India. The startup is a global provider of advanced touchless biometric solutions and software analytics for access control and workforce digitalization. The company’s biometric solutions are targeted toward small businesses and large scale enterprises and can be used within industries that require indoor and outdoor deployment in rugged harsh environments. In July, Invixium received $4.5 million CAD in debt financing from CIBC Innovation Banking.
Through channel partners, Invixium’s product suite is sold into healthcare, corporate offices, utilities, airports, higher education, manufacturing, retail, data centres, banks, hotels and resorts, smart cities, and residential end-users. The company currently sells its product in more than 60 countries.
EDC participated in the round through its newly launched investment matching program, part of EDC’s portion of the Business Credit Availability Program (BCAP), created in response to the COVID-19 pandemic.
Launched on a trial basis in April, BCAP aims to provide urgently needed capital by matching up to $5 million CAD of investment from venture capital, private equity, and corporate investment partners for small-and-medium-sized enterprises that export their products from Canada. Invixium is among the first companies to receive funding from the investment matching program. Waterloo-based Clearpath Robotics, which recently raised a $40 million CAD, also received funding through the program.
“Invixium exemplifies the Canadian innovation EDC is supporting, especially during this current crisis, when we’re focused on bringing liquidity into the market,” said EDC’s executive vice president and chief business officer, Carl Burlock. “When COVID-19 hit, Invixium turned their focus to a product that will help keep people safe in their workplaces. We’re looking forward to working with the company as they grow and benefit from our investment matching program.”
Image source Invixium.