Passwords and PIN numbers to communicate our identity to machines can be a headache to remember and are vulnerable to security breaches. Current technologies like fingerprint and iris recognition software do not address the core issue - the ability to seamlessly balance convenience without compromising security.
Toronto-based start-up Bionym
has devised a system that uses a person’s unique electrocardiogram (ECG) signature – an electrical signal produced by the heart – to replace passwords and PINs, offering the highest level of data protection. Users wear a wristband, called Nymi, which continuously communicates via Bluetooth to devices like smartphones and tablets, authenticating the user in a more secure and convenient way.
OCE supported Bionym early on with two rounds of Market Readiness and SmartStart program funding. Support from other funders soon followed. The company recently closed a $1.4 million angel investment through the Creative Destruction Lab at U of T’s Rotman School of Management.
Bionym launched its product in September 2013 and is working to attract developers to create apps using this patented biometric technology that could one day unlock cars, verify financial transactions and replace house keys.
Return on Innovation
- Currently employs 10 people
- Recruiting another five people by end of 2013
- Projects hiring another 50 people by 2015
OCE©2013 Last updated 10/2013