Wednesday, September 24, 2014
Actually, Bionym has yet to work out what tricks the wearable might do out of the box. In general, the company says, it’s focused on solving “authentication friction points” such as passwords, PINs, keycards, and other identity prompts. It will rely in large part on the creativity of developers to build compelling applications, it says.
The technology could be useful for all kinds of things. In the enterprise setting it could be used for facilities management — to control which employees have access to which buildings or resources.
“We’re establishing the Nymi as the de facto platform for persistent, trusted identity, and this round of financing is providing us with the resources needed to bring the platform to market,” said Bionym CEO Karl Martin in a statement. “We’re at the forefront of a revolution in identity-based interactions with devices and services, and our momentum continues to grow with the support of our investors and strategic partners.”
The company announced today that it has raised a $14 million funding round led by Ignition Partners and Relay Ventures. Other investors include Export Development Canada (EDC), MasterCard, and Salesforce Ventures, Salesforce.com’s corporate investment group.
It’s notable that Salesforce and Mastercard have invested. Both companies could benefit from simpler authentication technology.
I was told about the Bionym technology during a visit to Salesforce.com’s offices in San Francisco a few weeks ago. It’s one of the products involved in Salesforce.com’s Salesforce Wear initiative. Bionym is partnering with Brivo Labs and Salesforce Wear to create a system that allows bracelet wearers to access buildings, businesses, and public spaces using their unique cardiac rhythm as their passkey for entry. “With the Salesforce1 Fund, Salesforce Ventures is empowering startups building transformative technologies that revolutionize how companies connect with their customers in today’s mobile world,” said John Somorjai, VP of corporate development and strategy for Salesforce.com. “Bionym’s innovative wearable technology extends the power of the Salesforce1 Platform and we are excited to help them accelerate their growth.”
Mastercard may be interested in using the Bionym technology as a substitute for credit card pin numbers. “We are enthusiastic about working with the Bionym team and exploring ways that we can maximize the persistent authentication the Nymi offers to enable a variety of new commerce experiences for consumers,” said Garry Lyons, chief innovation officer at MasterCard.
Bionym says it’s already received more than 10,000 pre-orders for its Nymi Band, which will be released later this fall.
at 6:55 PM