CIBC Innovation Banking provides Invixium with US$3.5 million of Growth Capital Financing
TORONTO – CIBC Innovation Banking is pleased to announce US$3.5M in debt financing for Invixium, a leading provider of modern biometric solutions for access control and workforce digitalization. The Company will use the financing to support its growth plans.
Invixium builds internet ready biometric security solutions utilizing face, finger vein and fingerprint recognition for access control, workforce management and smart building automation. The Invixium solution incorporates data capture devices and powerful software that provide precise audit trails of access and meaningful analytics to enterprises for increased productivity and security.
“CIBC Innovation Banking is excited to partner with a top tier management team that has built a robust product suite based on excellent technology that is just scratching the surface of the identity management ecosystem. Invixium has been at the leading edge of the biometric market and is positioned to be the market leader,” said Rob Rosen, Managing Director, CIBC Innovation Banking.
“Partnering with CIBC Innovation Banking is a huge vote of confidence for our growth trajectory,” said Shiraz Kapadia, CEO & President, Invixium. “Invixium has established a leading position in the fast-growing physical security and workforce management markets and we are well-positioned to capitalize on the global trend towards utilizing biometric authentication for increasing enterprise security and productivity, once dominated by manual and antiquated means of access like keys, cards, fobs, PIN codes and punch cards,” added Kapadia.
Invixium’s biometric solutions cater to clients ranging from SMBs to large scale enterprises and industries for indoor and also outdoor deployment in rugged harsh environments. Through channel partners, its product suite is sold into healthcare, corporate offices, utilities, airports, higher education, manufacturing, retail, data centres, banks, hotels and resorts, smart cities and residential end users.
Founded in 2012, Invixium is headquartered in Markham, Ontario with an office in India. The Company is backed by McRock Capital, BDC Capital and Connecticut Innovations.