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Toronto startup Nymi Raises $15M Series B Financing

Toronto startup Nymi Raises $15M Series B Financing

Posted by PanamericanWorld on May 17, 2017

Nymi, creator of the Nymi Band, today announces that it has closed a US $15 million Series B round of funding, led by new investor GII Tech from Dubai, with participation from Nymi's Series A investors, Relay Ventures and Ignition Partners.

"This is an important milestone for Nymi," said Nymi founder and CEO, Karl Martin. "We have made significant progress in the last two years, delivering on our vision of wearable, Always On AuthenticationTM. This new round of financing, with the support of our existing investors and the addition of GII Tech Ventures, provides us with the necessary resources to enter the next phase of scaled deployments."

Founded in 2011 and backed by 10 years of research at the University of Toronto, Nymi launched the Nymi Band wearable authenticator in 2014. The device uses a wearer's cardiac rhythm as a biometric identifier and enables continuous presence-based authentication via Nymi's patented secure Bluetooth and Near Field Communication (NFC) communication systems. The company has recently focused on Industrial Internet of Things (IoT) applications and aims to deploy at scale later this year. 

"Nymi is yet another brilliant fit for the GII Tech portfolio as it matches our core focus of seeking disruptive category creators within the dynamic technology domain," said Vijay Parmar, Managing Partner at GII Tech Ventures.  "We look forward to becoming a true partner in growth for the company's expansion into new verticals and geographic markets."

Since its Series A funding in September of 2014, Nymi's Always On Authentication technology has gained significant momentum in the industrial IoT space with customer deployments scaling throughout 2017.

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Nymi delivers secure, Always On Authentication to the enterprise. Its first product – the Nymi Band – is a wearable, multi-factor authenticator that can be used with any application, device or service for persistent authentication. With the Nymi Band, the traditional model of authentication can be transformed into a secure and seamless experience for enterprises and end-users. Nymi is proudly based in Toronto, Canada and was founded in 2011. 

GII is a UAE-based financial services company regulated by the Emirates Securities and Commodities Authority (ESCA). The company is committed to providing a diverse set of unique, duly researched, well-structured and risk-mitigated shari'ah compliant investment opportunities to its clients, with a view to achieve consistent and superior returns in the fields of venture capital, private equity, infrastructure and real estate. Under the leadership of a committed group of prominent shareholders and investors, the GII team enjoys a collective experience in investments, strategic management, finance and accounting. GII and its team have a track record of managing $2.5 billion in assets and securing $5.5 billion in debt and in excess of $1.0 billion in equity and M&A financing.

GII Tech Ventures, GII's venture fund, is a Luxembourg based, shari'ah compliant Fund focused on mid stage disruptive technology companies based in North America. These companies have proven products with strong customer validation, are in early stages of revenue, unique competitive positioning, a strong team and experienced existing investors. The platform further leverages GII's offshore business development experience to facilitate the international market penetration of its portfolio companies, as well as provides them with invaluable access to an exclusive network of UNHWIs and institutional investors.

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