CIBC Innovation Banking has provided $4.6 million (US$3.5 million) of debt financing to Invixium, a Toronto-based maker of biometric solutions for access control and workforce digitalization.
The company will use the proceeds to support its growth plans.
Founded in 2012 by CEO Shiraz Kapadia, Invixium develops biometric security solutions utilizing face, finger vein and fingerprint recognition. It serves a range of enterprises and industries for indoor and outdoor deployment in rugged environments.
Earlier this year, Invixium raised a Series B financing led by Connecticut Innovations and joined by existing investors McRock Capital and BDC Capital.
CIBC Innovation Banking is the technology lending arm of CIBC.
CIBC Innovation Banking Provides Invixium With US$3.5 Million Growth Capital Financing
July 30, 2019
TORONTO–(BUSINESS WIRE)–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 pleased to partner with a top tier management team that has built a robust product suite that is just scratching the surface of the identity management eco system. 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.
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada. CIBC Innovation Banking is a brand name under which CIBC and CIBC Bank USA provide products and services.
Invixium is a world leader in advanced biometric solutions utilizing face, finger vein and fingerprint recognition for access control and workforce digitalization. Their fully integrated hardware and software solutions provide meaningful analytics to enterprises and industries for increased productivity and security. Headquartered in Markham, Ontario with presence in India, Middle East, UK and USA, the company has sold 1000s of devices and software solutions to 300+ customers in over 60 countries.
Susan Kirwin, Public Relations
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