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Nymi



Security & Identity | Toronto, ON | Founded: 2011 | Employees: 50-60 | www.nymi.com


PHONE: (416) 977-3042 | LINKEDIN PROFILE | BLOOMBERG PROFILEFACEBOOK PROFILE

Last updated January 14, 2019 | To download a PDF version, click here.

 

Company Overview

The Nymi Band™ is a wearable device that is the central component of a unique platform to enable secure, continuous authentication. It addresses the security and convenience problems of today, while enabling a hyper-personalised user experience for the emerging applications of tomorrow. The mechanism to deliver this capability is HeartID™, Nymi’s proprietary technology that authenticates the wearer using their electrocardiogram (or ECG).


Senior Management

Dr. Karl Martin: Founder and CEO (2011-Present). Education: B.A.Sc Engineering Science Electrical, UofT (2001); Ph.D, Electrical and computer Engineering, UofT (2010). Previously: President and CEO, (2009-2011), KMKP Engineering.

Dave RaiCTO (Jul 2017-Present). Education: B.Eng, Computer and Electrical, McMaster University (1987-1992). Previously: Vice President, Engineering (2014- 2017), Nymi; Managing Partner and CTO, (2014-2014), First San Fransico Partners.

Don SimpsonVP Manufacturing and Operations (2017 – Present). Education: Algonquin College of Applied Arts and Technology (1987). Previously: VP Operations – Contract, (2015 – 2017), Crestline Coach Ltd; VP Operations, (2011- 2015), RuggedCom.

Shawn ChanceVP Sales and Marketing, (2015-Present). Education: Bachelor of Arts, Psychology (Major) and Business (Minor), University of Ottawa (2002). Previously: VP Marketing, (2014- 2015), Nymi. 


History

Founded in 2011 and backed by 10 years of research at the University of Toronto. The research was conducted on Electrocardiogram (ECG) and its unique properties. Every human being has a unique ECG, and the founding team worked to use ECGs as an identifier for authentication. Nymi was originally focused on licensing and then shifted vision into continuous, on-body authentication.


Funding

June 7 2018: Nymi has announced that it has entered a strategic partnership with Konica Minolta that includes a financial investment by Konica Minolta in Nymi. Total Funding $32.3-$36M based upon various sources (Crunchbase, Owler). Nymi investors: Ignition Partners, MasterCard, Archangel, FundersClub, Relay Ventures, Export Development Canada, Nick Koudas, Salesforce Ventures, Daniel Debow, Greg Wolfond, GII Tech Ventures, Ajay Agrawal, Erik Lithopoulos, Lee Lau, Nigel Stokes, Dennis Bennie, Nilesh Bansal. Crunchbase Funding: May 16, 2017 Series B; $15M GII Tech Ventures. March 31, 2016 Series A $5.9M. September 23, 2014 Series A $14 M. Ignition Partners, Relay Ventures. May 20, 2014 Venture Round. August 1, 2013 Seed Round $1.4M. Oct 1, 2012 Non-Equity Assistance.


Key Corporate Developments

July 22, 2015: Credit card companies and banks piloting biometric
Aug 12, 2015: Mastercard and Nymi complete heartbeat authenticated mobile payment
Jun 15, 2016: Banks working on biometric authentication with Nymi
Jun 11, 2018Nymi used in manufacturing data integrity

 

Business Highlights

Strategy

The Nymi Band is a wearable, persistent authenticator that delivers Always On Authentication™ in the enterprise. Nymi Enterprise Edition provides companies with a multi-factor authentication solution that is both highly secure and easy-to-use. Nymi’s core strategy is outlined as being a cheaper alternative to traditional authentication with a target market specifically towards enterprises and larger corporations; Nymi has formed a strategic partnership with Konica Minolta (OTC: KNCAF) to scale into to broader markets within enterprise. 

Nymi Enterprise Edition = Tighter Security = Assured Data Integrity = Simplified Compliance Audits = Improved Operational Efficiency.


Products/Pricing

The Nymi Band retails at $199. The purchase comes along with a bundle, a charging cable and USB Bluetooth dongle where applicable and a 90 day warranty with one year of product support.  

The Nymi Band unique as a system and platform is that it separates the action of identity authentication from the transactions that rely on it, making it possible for the individual to only need to confirm their identity once a day. The wearer is authenticated when they first put on the wristband, which enables continuous and reliable access to devices and services, via secure Bluetooth communication and in the future, via other forms of communication.


Technology

Trusted identity recognition, combined with proximity detection and gesture control, provides the Nymi Band wearer with seamless, privacy-protected, and secure interactions. The Nymi Band also incorporates a six-axis motion sensor (accelerometer and gyroscope), which is used for simple user tap input. In the future, these sensors can be used for applications such as activity tracking (e.g. pedometer, sports, fitness, etc.) and gesture recognition (e.g. unlocking a door or turning on a light). The motion sensor includes a motion co-processor, which may support a variety of motion analytics via future firmware upgrades.


Distribution/Logistics

Press kit releases indicate a focus on several verticals: Pharma, Manufacturing 4.0, Heavily regulated industries where compliance and risk control is important.


Marketing

Awards Bluetooth Breakthrough Award, Postscape's Internet of Things - Connected Body Award. Trade Mark Serial Number 87628476 Word Mark NYMI BAND ENTERPRISE EDITION Status 658 - Priority Action Mailed. The team at Nymi also participates in FinTech events, biometrics conferences and has a strong social media presence both on YouTube and Facebook.

 

Competitors

  1. Early Sense: (Israel) Early Sense is a health monitoring software that as the company title suggests, detects breathing rate, sleep cycles, stress levels and anything health related in a continuous manner.
  2. Intelesense: (Silicon Valley, San Francisco) Intelesense or IoT/AITM is a cyber-hardened device using machine learning and artificial intellegience to optimize the lifecycle of sensor data. Use cases include, oil and gas, defense, industrial, energy and utilities and smart cities.
  3. Vitalconnect: (San Jose, California) The Vista SolutionTM is a biosensor that monitors anything from heart rate to skin temperature, this technology allows doctors to have easy access to vital data and improve client care and health.