BDC Capital has joined the $4 million Series A financing of Invixium, a Toronto-based maker of advanced biometric security devices and solutions for the industrial and enterprise markets. The round, announced in October 2015, was led by McRock iNFund LP, an industrial Internet of Things fund managed by McRock Capital. BDC co-invested through its Industrial, Clean and Energy Technology Venture Fund. Founded in 2012, Invixium has sold over 3,500 products to government and business customers in the Middle East, North Africa, India and North America, the company reported.
Biometric IIoT Security Company Invixium Adds BDC Capital to Financing
Toronto, Ontario–(Jan 25, 2016) – McRock iNFund LP, an Industrial Internet of Things (IIoT) venture capital fund managed by McRock Capital, announced today that it has added BDC Capital to the previously announced $4 million Series A financing in Toronto-based Invixium. As McRock iNFund’s largest investor, BDC Capital recognised an attractive co-investment opportunity to participate in the McRock-led financing round. Invixium is a world leader in advanced biometric security products which provide the highest level of physical access security at enterprises and industrial facilities through Internet connected edge computing solutions. Since Invixium’s inception three years ago, the Company has sold over 3,500 products to government and blue chip industrial companies with rugged security requirements in the Middle East, North Africa, India and North America.
“As the world adopts much needed biometric security solutions, the importance of a trusted ‘Made in Canada’ brand is a significant advantage for Invixium,” said Shiraz Kapadia, Founder and CEO at Invixium. “Adding the Business Development Bank of Canada as a shareholder through an investment from BDC Capital provides our company with significant financial backing and business resources to accelerate our growth in global markets.”
“Our goal in backing an expert venture capital fund like McRock, is to partner with high-potential Canadian start-up companies in rapidly emerging sectors like the Industrial Internet of Things to accelerate their success,” stated Jerome Nycz, EVP at BDC Capital. “As a significant investment partner of McRock, this coinvestment in Invixium demonstrates our combined ability to provide expert and financial resources to enable Invixium to succeed and compete on the global stage.”
“The opportunity for advanced biometric security devices and solutions for the industrial and enterprise markets is massive given the growing concern and need to secure physical assets and facilities”, stated Tony Van Bommel, Senior Managing Partner of the Industrial, Clean and Energy Technology Venture Fund at BDC Capital. “Invixium has developed a beautifully designed hardware security product that incorporates leading software functionality to deliver a superior solution”.
“Invixium is the first co-investment that McRock iNFund has made with its institutional and strategic investors, which also includes groups like Cisco and Électricité de France (EDF),” said Whitney Rockley, Cofounder and Managing Director at McRock. “This active co-investment model demonstrates how a specialized VC fund like McRock provides quality investment opportunities to its investors in order to fast track financings of high growth companies like Invixium.”
About Invixium – Headquartered in Toronto, Ontario, with a presence in India, UK and US, Invixium is a biometric solutions company that is intensely passionate about delivering Internet connected edge computing solutions that are elegant, robust and simple to use. Focused on industrial/enterprise access control, time and attendance and the smart home market, Invixium offers next generation, exquisitely designed, high quality products and services that are differentiated through its advanced algorithms, smart engineering and flexible architecture. Invixium products are proudly made in Canada. Visit www.invixium.com or follow us on Twitter @Invixium and Facebook.
About BDC Capital – A subsidiary of BDC, BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1.6 billion under management, BDC Capital takes a strategic, patient approach to nurture companies’ development over the long term.
From venture capital to equity to growth and transition capital, our team of over 100 experienced, local professionals partner with entrepreneurs to identify and meet their needs on flexible terms. Some of the sectors in which we specialize include IT, industrial/clean/energy technology, and healthcare. For more information, please visit www.bdccapital.ca or follow us on Twitter at @BDC_Capital
About McRock Capital – McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital fund focused on the intersection of sensors and software in large industrial markets. The McRock team has a unique background of building high-growth venture-backed IIoT companies while also having worked in the power, water, oil and gas industries. McRock is backed by several leading institutional investors as well as Cisco Systems and Électricité de France (EDF). Visit www.mcrockcapital.com or follow us on Twitter @McRockCapital.
Photo courtesy of Invixium