Invixium, a biometric security products manufacturer for access control and workforce digitalization, based in Toronto, has received $4.5 million CAD ($3.5 million USD) in debt financing from CIBC Innovation Banking.
“We are well-positioned to capitalize on the global trend towards utilizing biometric authentication for increasing enterprise security and productivity.”
Invixium, which builds internet-ready biometric security solutions that use face, finger vein, and fingerprint recognition for access control, workforce management, and smart building automation, will use the funding to support its expansion plans. Invixium’s solution consolidates data capture devices and software that provide precise audit trails of access and meaningful analytics to businesses, in order to increase productivity and security.
“Partnering with CIBC Innovation Banking is a huge vote of confidence for our growth trajectory,” said Shiraz Kapadia, CEO and president of Invixium. “Invixium has established a leading position in the fast-growing physical security and workforce management markets and we are well-positioned to capitalize on the global trend towards utilizing biometric authentication for increasing enterprise security and productivity, once dominated by manual and antiquated means of access like keys, cards, fobs, PIN codes and punch cards.”
Founded in 2012, Invixium is based in Toronto with one global office in India. The company has previously been backed by McRock Capital, BDC Capital, and Connecticut Innovations. Invixium’s biometric solutions are targeted toward both small businesses and large scale enterprises, and can be used within industries that require indoor and also outdoor deployment in rugged harsh environments.
Through channel partners, its 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 previously raised a $4 million Series A in 2015.
“CIBC Innovation Banking is pleased to partner with a top tier management team that has built a robust product suite that is just scratching the surface of the identity management ecosystem,” said Rob Rosen, managing director at CIBC Innovation Banking. “Invixium has been at the leading edge of the biometric market and is positioned to be the market leader.”
Image courtesy Invixium