Start-up for wearable authentication raises $15M Series B financing

May 18, 2017 // By Jean-Pierre Joosting
Nymi, creator of the Nymi Band, has announced 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 Authentication TM. 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 NFC systems. The company has recently focused on Industrial Internet of Things (IoT) applications and aims to deploy at scale later this year. 

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.

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.