Boston, MA 09/24/2014 (wallstreetpr) – Mastercard Inc (NYSE:MA) along with Export Development Canada and Salesforce Ventures are finding a Canadian startup, Bionym, attractive enough that they have invested a total of $14 million into the firm. As per Reuters report, Bionym has been showered with affection from prominent names, which contributed nearly $14 million in the new round of funding initiated by Relay Ventures and Ignition partners on behalf of Bionym.
Confidence In Wearable
Bionym is a Canada based company, which manufactures a wearable security device named Nymi. The unique feature of the device is that it authenticates the identity of the wearer through his/her cardiac rhythm and thus do away with the need of maintaining passwords, keys or pincodes. The start-ups CEO Karl Martin said that the infusion of funding will help it to attain the set manufacturing milestones and thereby create a world-class team. The company intends to employ the funding to scale up its manufacturing capabilities in order to meet the consumer, developer and partner demands.
Investors into the start-up see the wearable device as a game changer and the growing popularity of the device is well understood from its over 10,000 pre-orders. The company currently employs close to 40 employees and plans to expand its base aggressively. Also, the Nymi Band is expected to be available in the market by the end of this fall. Mastercard Inc (NYSE:MA)’s head of innovation, Garry Lyons expressed utmost interest in working together and closely with Bionym as it tries to find out new ways to allow new payment methods for consumers.
More Collaborations Lately
Off late, Mastercard Inc (NYSE:MA) has been fast securing connections with prominent companies to grow and expand in a competitive environment. The most recent of its collaboration is with Traxpay, which is a key player in business to business payments. Also, the biggest milestone recorded by the company is its integration with Apple Pay, which will now allow Apple iPhone users to make everyday purchases in a simplified and secure mode.
