“We are well positioned to capitalize on the global trend towards utilizing biometric authentication for enterprise security and productivity.”
CIBC Innovation Banking is backing Invixium to the tune of $3.5 million in debt financing, giving the Ontario-based biometric security startup an infusion of capital that will be used to fuel growth in the coming years. Invixium offers face, finger vein, and fingerprint recognition technology designed for enterprise-level access control and building automation.
Invixium’s platform includes both software and hardware, with rugged capture devices that are strong enough to withstand harsher outdoor environments like mining facilities. The internet-enabled solution creates an auditable record of people entering the workplace, giving companies actionable data that can then be used to boost performance.
“[The management team] has built a robust product suite that is just scratching the surface of the identity management ecosystem,” said Rob Rosen, the Managing Director of CIBC Innovation Banking. “Invixium has been at the leading edge of the biometric market and is positioned to be the market leader.”
“Partnering with CIBC is a huge vote of confidence for our growth trajectory,” said Invixium President and CEO Shiraz Kapadia. “We are well positioned to capitalize on the global trend towards utilizing biometric authentication for enterprise security and productivity.”
The news continues what has thus far been a strong year for Invixium. The company recently announced that it has found a distribution partner in Kuwait, and has also been focusing its efforts on university and college campuses. The CIBC funds should advance those growth efforts and help Invixium find new customers for its security technology.
July 31, 2019 – by Eric Weiss