With the increase of digital services, such as as Apple Pay gearing up to go head to head against Google Wallet and other mobile wallets, authentication and password management has become a real pain for consumers and industry alike. Enter Bionym, the company behind the Nymi, which hopes to make authentication as easy as wearing a wristband. And now that Bionym has secured a $14M Series A round of funding from big investors such as Ignition Partners, Relay Ventures, as well as Mastercard, and Salesforce Ventures, they have the backing to actually bring it to market.
Nymi works as an authentication bracelet that allows access to various devices by reading your electrocardiogram, that happens to be unique to each wearer. So like a fingerprint, Nymi reads the electrical pulses to understand who is wearing it at all times, and then through proximity detection proceeds to authenticate every interaction you have, making everything from purchases or unlocking a car easier and more secure. The Nymi completely removes old forms of protection such as keys, passwords, or PINs, which can be stolen or hacked as we all know from various run ins with credit card fraud. So it makes total sense why a company like Mastercard would want to work with the Nymi at the ground floor, making their business that much more secure. And besides authentication, the Nymi can create custom notification programs for various apps like email or text messages on the accompanying smartphone.
With over 100,000 pre-orders for the $99 Nymi already (available at pre-order for $79), the funding comes at a crucial time to increase manufacturing capabilities, and help gear up for a release this upcoming fall.
For more info check out Bionym’s company profile in the Wearables.com Database.