Toronto-based Biometric Manufacturer Adds New Investor Export Development Canada
Toronto, Ontario (June 8, 2020) – Invixium, a leading global provider of advanced touchless biometric solutions and software analytics for access control and workforce digitalization, announced today that it has closed a $3 million financing round. The company plans to use the capital to expand its sales and marketing efforts to address growth opportunities through a surge in demand for touchless and elevated body temperature detection. The participants in this financing round include Export Development Canada (EDC), along with existing investors McRock Capital, BDC Capital and Connecticut Innovations.
EDC became involved in the round through its newly launched investment matching program, an extension of the Crown corporation’s Business Credit Availability Program, in response to COVID-19. Launched on a trial basis in April, the program aims to provide urgently needed capital by matching up to CAD $5 million of investment from venture capital, private equity and corporate investment partners for small-and-medium-sized enterprises (SMEs) that export their products from Canada. Invixium is among the first companies to receive funding from the coveted program.
Invixium recently announced the release of a new temperature detection capability for its flagship product IXM TITAN, as a suitable solution for businesses looking to reopen during COVID-19. When used in conjunction with the company’s IXM WEB software, the overall solution can be used to screen employees, visitors or individuals upon entry. It allows businesses to customize the responses in the event of elevated body temperature detection, such as preventing access or sending push notifications to HR, security or management personnel.
“Screening of individuals at entry points to ensure workplace health and safety is the new norm,” said Shiraz Kapadia, Founder & CEO of Invixium. “We plan to lead the market with our touchless biometric solutions for workforce management and worksite access control and will continue to add innovative features like temperature detection to our solution as a COVID-19 response. I am honoured to have the backing of a prestigious group of investors who believe in our vision, company and technology.”
“Invixium exemplifies the Canadian innovation EDC is supporting, especially during this current crisis, when we’re focused on bringing liquidity into the market,” said EDC’s Executive Vice President and Chief Business Officer, Carl Burlock. “When COVID-19 hit, Invixium turned their focus to a product that will help keep people safe in their workplaces. We’re looking forward to working with the company as they grow and benefit from our investment matching program.”
“We applaud EDC’s decisive action to assist Canadian exporters through it’s new investment matching program,” said Scott MacDonald, Co-founder and Managing Partner of McRock Capital. “EDC quickly matched McRock’s investment in this financing round to support Invixium’s growth plans.”
“BDC Capital is pleased to welcome EDC to the syndicate investing in the high growth start-up, Invixium. BDC also continued their support through both the ICE venture fund and their COVID-19 matching program,” said Tony Van Bommel, Senior Managing Partner of BDC Capital.
“As issues surrounding workplace safety continue to remain at the forefront, Invixium has a technology that can assist with screening while remaining contactless,” said Alison Malloy, Director of Investments at Connecticut Innovations. “This investment will help Shiraz and his team scale quickly to meet the global demand for screening equipment that will help during and following the pandemic.”
For more information, visit www.invixium.com