Nymi Inc., the creator of the Nymi Band, has announced the closing of US $15 million Series B round of financing led by new investor GII Tech from Dubai, with participation from Nymi’s Series A investors, Relay Ventures, Ignition Partners and Export Development Canada (EDC). The financing closed in early 2017.
In September 2014, Nymi, formerly Bionym, secured US $14 million Series A round of funding led by Ignition Partners and Relay Ventures with participation of EDC, MasterCard, and Salesforce Ventures.
“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. 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,, 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 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.
“Nymi is yet another brilliant fit for the GII Tech portfolio as it matches our core focus of seeking disruptive category creators within the dynamic technology domain,” said Vijar Parmar, Managing Partner at GII Tech Ventures. “We look forward to becoming a true partner in growth for the company’s expansion into new verticals and geographic markets.”
GII is a UAE-based financial services company regulated by the Emirates Securities and Commodities Authority (ESCA). The company is committed to providing a diverse set of unique, duly researched, well-structured and risk-mitigated shari’ah compliant investment opportunities to its clients, with a view to achieve consistent and superior returns in the fields of venture capital, private equity, infrastructure and real estate.
GII Tech Ventures, GII’s venture fund, is a Luxembourg based, shari’ah compliant Fund focused on mid stage disruptive technology companies based in North America.
Private Capital Directory:
Relay Ventures
Gulf Islamic Investments LLC
Ignition Partners
Export Development Canada (EDC)
photo credit: Nymi