Nowadays remembering too many passwords has become a clumsy job altogether. What if we don’t ever have to remember a password again? Won’t that be super awesome? Well, a Canadian startup is working hard to make this awesome thing a reality.
Bionym, a Canada based Startup recently unveiled the 'Nymi' which is a wristband that knows who you are based on your unique heart rhythm.
The Canadian startup has recently raised a $14 million Series A funding led by Relay Ventures and Ignition Partners.
Nymi is an unlocking wristband which makes use of an electrocardiogram sensor (ECG) to recognize an individual's heart rhythm and then uses this heart rhythm to unlock a device. What makes Nymi 100 percent dependable is the fact that its ECG sensor doesn’t measure a person’s actual heart rate but rather the electrical activity that the person’s heart generates. This electrical activity of the heart is as unique as finger prints.
With passwords leaking and stealing becoming daily news, the Nymi can act as a great biometric alternative. The wristband also comes packed with applications in the Internet of Things as a Bitcoin wallet, house key and others. Nymi can be used by you at your home to wirelessly take control of your smartphone, your car, your computer and much more. The wristband makes sure that you interact with your devices in a smart, key and password free environment. Its customizable notifications take care of the fact that you never miss out on any texts, emails or social updates.
The Nymi does not continuously monitor your ECG. It reads your ECG only while activating. The Nymi provides continuous authentication through additional sensors that detect whether the Nymi is still on your wrist. Once the Nymi is removed, it will need to be authenticated once again.
That means that any increase or decrease in your heart rate will not affect the Nymi while it is on.
The wristband hasn't been released in the market yet. Bionym will make use of cash to get the first ten thousand preorders, therefore you can Pre-Order Nymi at introductory price of $79. After that, the price for the next batch will go up to $99.
"We're establishing the Nymi as the de facto platform for persistent, trusted identity, and this round of financing is providing us with resources needed to bring the platform to market", said Karl Martin, CEO and Founder at Bionym in a press release.
According to Nick Sturiale, Managing Partner of Ignition Partners, Nymi can be seen as a potential game changer. "With the breadth and depth of third party application developer commitments, it's clear there is a tangible excitement at the numerous use cases presented by extending identity and presence from the smartphone onto the wrist".
The Canada based startup is touching new heights every day and has almost forty employees working from its new Toronto office. Salesforce and Mastercard also acted as contributors in the round.
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