Invixium has closed a Series B round of financing with Connecticut Innovations with participation from existing investors McRock iNFund LP, BDC Capital.
The financing closed in March 2019. Connecticut Innovations led the financing with a $1 million investment.
Markham, Ontario based Invixium is a leading provider of advanced biometric solutions and software analytics for access control and workforce digitalization. Invixium recently launched its TITAN product line, the world’s most sophisticated and rugged biometric device with facial recognition and finger vein or fingerprint authentication.
photo credit: McRock/Invixium
McRock Ups its Ownership in Biometrics Solution Company Invixium
Toronto, Ontario — (May 28, 2019) – McRock Capital, a leading venture capital fund manager focused exclusively on the Industrial Internet of Things (IIoT), announced today that McRock iNFund LP has increased its ownership in Ontario-based Invixium and is the largest shareholder through its continued participation in the company’s Series B financing. The new investment round was led by US-based Connecticut Innovations with participation from existing investor BDC Capital.
Invixium is a leading global provider of advance biometric solutions and software analytics for access control and workforce digitalization. Invixium recently launched its TITAN product line, the world’s most sophisticated and rugged biometric device with facial recognition and finger vein or fingerprint authentication.
“The launch of TITAN is an industry game changer that expands the use of biometrics into industries with mass workforces while providing employers with accurate workforce management analytics. Our solutions allow companies to digitally transform the tracking of their workers by eliminating manual, slow and inaccurate processes prone to error and fraud,” said Shiraz Kapadia, Founder & CEO of Invixium. “In a single deployment, we have helped a customer save in excess of 20% on inaccurate labour costs.”
In 2019, Invixium delivered its largest order in the company’s history to provide workforce authentication and digital time and attendance confirmation for thousands of construction labourers that arrive at construction sites each day. Invixium’s facial recognition technology is capable of processing 15 to 18 people in 1 minute and avoids the challenges of traditional tracking methods.
“The hourly-paid labour force represents a significant business cost and the methods for hourly workforce management are ripe for a more accurate digital IoT solution,” said Scott MacDonald, Co-founder and Managing Partner of McRock Capital. “We see massive potential for this Canadian company and the Series B financing will further advance their workforce management software analytics capabilities.”
McRock’s co-founders, Scott MacDonald and Whitney Rockley continue to serve on Invixium’s Board of Directors.
About McRock Capital – McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital fund focused on the intersection of sensors and software in large industrial markets. The McRock team has a unique background of building high-growth venture-backed IIoT companies while also having worked in the power, water, oil and gas industries. McRock is backed by several leading institutional investors as well as Cisco Systems, Électricité de France (EDF), and Caterpillar.
Visit www.mcrockcapital.com and follow on Twitter @McRockCapital
About Invixium – Invixium is a world leader in advanced biometric solutions utilizing face, finger vein and fingerprint recognition for access control and workforce digitalization. Their fully integrated hardware and software solutions provide meaningful analytics to enterprises and industries for increased productivity and security. Headquartered in Markham, Ontario with presence in India, Middle East, UK and USA, the company has sold 1000s of devices and software solutions to 300+ customers in over 60 countries.
Visit www.invixium.com and follow on Twitter @Invixium
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