SOURCE: Bionym

Bionym

September 24, 2014 09:00 ET

Bionym, Makers of the Nymi Band, Closes $14M Series A Financing From Ignition, MasterCard and Relay Ventures

Developer of the Nymi Band Plans to Use New Funds to Establish Nymi as the De Facto Platform for Persistent, Trusted Identity

TORONTO, ON--(Marketwired - Sep 24, 2014) - Bionym, creators of the Nymi Band authentication wristband, today announces that it has closed a US $14 million Series A round of funding led by Ignition Partners and Relay Ventures. Other investors include Export Development Canada (EDC), MasterCard, and Salesforce Ventures, salesforce.com's corporate investment group.

"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."

"We see the Nymi as a potential game changer," said Nick Sturiale, Managing Partner of Ignition Partners. "With the breadth and depth of third party application developer commitments, it's clear there is tangible excitement at the numerous use cases presented by extending identity and presence from the smart phone onto the wrist."

"Bionym is playing an important role in driving the convergence of authentication and personalization," said John Albright, co-founder and managing partner at Relay Ventures. "Bionym is a game-changer in that they are the only ones putting ownership of authentication into the hands of the consumer." Relay Ventures was also an investor in Bionym's seed round of funding.

"When EDC considers the potential of the Nymi solution, we need only look to our own international blue chip customers and the tremendous benefits they could derive from the enhanced security for their business," said Eugene Siklos, Head of Direct Investments, EDC. "We look forward to working with Bionym to help them capitalize on this sizable global demand and help them grow their international sales."

Bionym has developed the Nymi band, a wearable device that provides persistent authenticated identity based on a user's unique ECG. The company -- which is growing rapidly and has close to 40 employees working out of a new office space in downtown Toronto -- is continuing to draw top international talent to work on the Nymi and its ecosystem of services, applications, and integrations. Bionym is also continuing to build strategic partnerships across a variety of industries.

"MasterCard and Salesforce have demonstrated a real commitment to our company and building on the Nymi platform," said Andrew D'Souza, President of Bionym. "We're excited to work with our rapidly expanding partner ecosystem to create trusted, personalized experiences for them, their customers and employees, and solve some of their most pressing business problems."

"We are enthusiastic about working with the Bionym team and exploring ways that we can maximize the persistent authentication the Nymi offers to enable a variety of new commerce experiences for consumers," said Garry Lyons, Chief Innovation Officer at MasterCard.

"With the Salesforce1 Fund, Salesforce Ventures is empowering startups building transformative technologies that revolutionize how companies connect with their customers in today's mobile world," said John Somorjai, EVP of corporate development and strategy, salesforce.com. "Bionym's innovative wearable technology extends the power of the Salesforce1 Platform and we are excited to help them accelerate their growth."

Bionym has received more than 10,000 pre-orders for its Nymi Band, which will be released later this fall.

About Bionym

Bionym's first product, the Nymi, is designed to make identity easy -- to let devices and services connect with a person's identity in a secure and privacy-protective manner. The Nymi is a wristband that authenticates a user's identity using their unique electrocardiogram (ECG). Its current focus is on solving authentication friction points such as passwords, PINs, keycards and other identity prompts. Learn more at www.GetNymi.com.

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