NXM Labs, Inc., the San Francisco, CA- and Toronto, Canada-based autonomous security company, completed a warrants exercise which added US$2.5m to its seed financing which now stands at US$8.2m.
The warrants were exercised by existing and new investors.
The additional funding will be used to commercialize NXM’s technology that enables Internet of Things (IoT) devices to automatically manage their own security without the need for human intervention.
NXM’s solution also provides protection of private confidential information at the chip level, safeguarding connected devices and their data against rapidly evolving security threats.
Applications range from connected vehicles, smart homes and city infrastructures, to enterprises, consumer electronics and insurance.
Founded in 2016 and led by Scott Rankine, CEO, NXM works with global leaders in communications, semiconductors, insurance, transportation and other sectors, developing commercial applications utilizing advanced cryptography, distributed ledger, 5G and other technologies.