Bionym, a Toronto-based startup specializing in persistent biometric authentication though vital measurements, has raised $14 million in a series A funding round. Reported by TechCrunch this morning, this recent period of investment included bids from MasterCard, Salesforce Ventures, Ignition Partners and Relay Ventures.
The company’s Nymi wristband uses cardiac rhythm recognition, a proximity factor and task-based gesture control to authenticate wearers of the biometric wristband, making the heart rate authentication wearable a three factor solution. As Bionym explains, a user must have access to the wristband itself, have a heart rhythm that matches the template and also have access to a secure application on a registered smartphone.
Nymi can be used to unlock doors, grant access to connected devices like PCs and, according to the Bionym website, even potentially replace the PIN on your credit card. As an invisible, persistent wearable authentication factor, the Nymi has a lot of potential in Internet of Things and M2M applications as they become more commonplace. Connected cars, in-home climate control and media preferences will all be on the table to benefit from frictionless strong identity verification.
Recently, as reported by Mobile ID World, Bionym joined the FIDO Alliance, which bodes well for the Nymi’s interoperability.
“Bionym, with the FIDO Alliance, supports the simple strategy of delivering seamless, effortless and secure authentication,” said FIDO president Michael Barrett on the joining of Bionym. “FIDO standards will make devices, like Bionym’s Nymi, widely available and readily usable for the masses, by making the Nymi compatible and interoperable across systems, networks and services.”
Bionym’s Nymi is currently available for pre-order on the company’s website and is expected to launch later this fall.