Nymi, a Toronto, Canada-based creator of wearable authenticator Nymi Band, closed a US$15m Series B round of funding.
The round was led by new investor GII Tech from Dubai, with participation from existing investors Relay Ventures and Ignition Partners.
The company intends to use the funds to enter the next phase of scaled deployments.
Founded in 2011 by CEO Karl Martin, 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 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.