Invixium Access, a developer of biometric solutions, has received a $1m investment from Connecticut Innovations.
The RegTech company has received the initial $665,000 of the investment, it is unclear when the remaining amount will be deployed to the company.
Capital from the round will be used to further the evolution of its software and data analytics, assist its expansion in the US and hire salespeople for management of strategic accounts.
Canada-headquartered Invixium Access designs and builds biometric capture devices which can accurately identify individuals. The products are used in enterprise and residential markets for services such as access control, time tracking and smart building automation.
Invixium founder and CEO Shiraz Kapadia said, “We are deeply appreciative of the investment support from Connecticut Innovations and the recognition of the value of our biometrics solutions company.
“On so many levels, our participation in the VentureClash competition was richly rewarding. The capital infusion from CI will allow us to aggressively pursue our 2019 objectives and continue our expansion to the United States, which includes the establishment of a strong presence in Connecticut.”
Last year, the company was one of the 10 finalists to reach the Connecticut Innovations VentureClash, a challenge designed to identify high-potential companies within digital health, FinTech, and InsurTech.
There has been growing excitement around biometric technology. A recent study from Veridium into biometrics in the US found that 70 per cent of its respondents stated they would like to see an increase in the amount of biometrics used.
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