Bionym raises US$14m finance for its wristband device
25 September 2014 16:38 GMT

Bionym has already had 10,000 preorders from around the world for the Nymi

Canadian wearable tech firm Bionym has closed on a US$14 million Series A funding led by Ignition Partners and Relay Ventures.

Bioynm confirmed earlier this month that a wristband it has developed, which authenticates identity using cardiac rhythms, will be released this autumn.

Bionym CEO Karl Martin told local media on 20 September that the device already had 10,000 preorders from around the world for the Nymi.

He described the funding as “a significant milestone for Bionym”.

The firm revealed on its website that the funding round includes investment from participants like Export Development Canada, MasterCard, and Salesforce Ventures.

"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."

"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.

In July, Bionym joined the FIDO (Fast IDentity Online) Alliance. FIDO standards will make it easier for web services to leverage the Nymi as a secure authentication mechanism, without passwords.