# Nymi

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/nymi

- Industry: Software
- Headquarters: Toronto, Canada
- Website: www.nymi.com
- Total disclosed funding: $22M
- Latest round: Series B (May 16, 2017)
- Investors on record: 4

## About

Nymi Inc. is a technology company focused on enhancing security and authentication processes through its innovative wearable device, the Nymi Band™, designed specifically for deskless workers in high-stakes environments.Founded in 2011 and headquartered in Toronto, Canada, Nymi Inc. specializes in biometric authentication solutions. The company has pivoted to target sectors including pharmaceutical and semiconductor manufacturing. Nymi has engaged in 6 investment deals, with the latest funding round, a Series B, raising USD 15.00 mn in April 2022, led by Gulf Islamic Investments. The CEO is Dave Rai.Nymi primarily offers the Nymi Band™, a wearable device designed for passwordless multi-factor authentication tailored for deskless workers in high-stakes environments. This innovative solution leverages biometrics and advanced authentication methods to enhance identity assurance while minimizing errors and ensuring data integrity. The Nymi Band aims to streamline workflows and alleviate the frustration associated with manual password entry, allowing users to focus on value-add tasks. Targeted primarily at industries such as pharmaceutical manufacturing, semiconductor manufacturing, retail, warehousing, and food and beverage, Nymi’s products are utilized globally, especially in countries operating under Good Practice (GxP) regulations. The Nymi Band 4, the company’s latest iteration, is designed for all-day comfort and rugged reliability, addressing the specific needs of workers in industrial and operational technology environments.Nymi generates revenue through partnerships and B2B transactions, specifically targeting organizations within compliance-driven industries. The company’s business model involves selling its flagship product, the Nymi Band, to a range of clients, including 14 of the top 15 global pharmaceutical manufacturers. Nymi typically engages in contractual agreements where clients commit to deploying the Nymi Band across their workforce, facilitating secure access management and electronic signatures. While specific pricing plans for the Nymi Band are not detailed, the company’s offerings are structured to support scalable implementations, allowing clients to integrate the wearable devices into their operations effectively. Revenue is realized through these direct sales and the ongoing support and services associated with the deployment of its authentication solutions.Nymi Inc. has plans for future growth that includes the introduction of new products and potential geographic expansion. While specific upcoming products have not been disclosed, the company aims to enhance its offerings tailored for deskless workers by leveraging recent technological advancements. Nymi is targeting expansion into additional global markets, particularly in sectors with stringent compliance needs. The company's latest funding round of USD 15.00 mn will support its strategic initiatives for product development and market expansion.

## Funding rounds

- Series B, May 16, 2017, $15M — Ignition Partners, Relay Ventures, Gulf Islamic Investments
- Series A, Mar 31, 2016, $5.9M — Ignition Partners
- Seed, Aug 1, 2013, $1.4M — Relay Ventures, Archangel Ventures

## Investors

- Relay Ventures (https://capitalatlas.ai/funds/relay-ventures) — Seed, Series B
- Archangel Ventures (https://capitalatlas.ai/funds/archangel-ventures) — Seed
- Ignition Partners (https://capitalatlas.ai/funds/ignition-partners) — Series A, Series B
- Gulf Islamic Investments (https://capitalatlas.ai/funds/gulf-islamic-investments) — Series B