Nymi Raises $15 Million in Series B Funding

Toronto-based Nymi has raised $15 million USD in a Series B funding round, the company has announced.Nymi Reaches Funding 'Milestone'

Nymi has been seeking capital to back its ongoing efforts to develop and promote its Nymi Band, a wristband device designed to measure cardiac biometrics for the purpose of continuous authentication. The wearable device offers a number of applications, with Nymi having recently highlighted those in business and industrial settings.

Its latest round of funding was led by Dubai-based GII Tech, and also saw Relay Ventures and Ignition Partners return as backers from their participation in Nymi’s previous funding round. In a statement announcing the new funding, GII Tech Ventures Managing Partner Vijar Parmar called Nymi a “brilliant fit” for GII Tech’s portfolio, saying “it matches our core focus of seeking disruptive category creators within the dynamic technology domain.”

For Nymi’s part, CEO Karl Martin said the funding marks “an important milestone,” adding that it “provides us with the necessary resources to enter the next phase of scaled deployments.”