Toronto-based startup Bionym has raised a $14 million Series A round of funding, including investment from Ignition Partners, Relay Ventures, MasterCard and Salesforce Ventures. The round includes a lot of strategic investment from participants like Export Development Canada, who see value in the product as a security enhancing feature for business customers.
Bionym’s tech places an advanced electrocardiogram (ECG) sensor inside a wearable wristband device called the Nymi. The wristband matches the wearer’s ECG against a stored profile to ensure the wearer’s identity, and then authenticates other devices via wireless communication from then on throughout the day, until the user removes the band, after which it requires re-authentication via ECG reading before becoming operational again.
The Nymi is only the company’s first product, but it’s currently in the hands of developers with its initial consumer launch planned for later this fall. A pre-order campaign for the Nymi has garnered over…
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