“GII -Tech” acquires 11% of “Nymi Band” company in Canada

Gulf Islamic Investments Company (GII) announced that its technology investment fund, GII Tech Ventures, has acquired 11% of Canadian company “Nymi”.

The total investments that Gulf Islamic Investments has raised in the technology sector for its clients and investors over the past 24 months have reached the equivalent of US $ 500 million.

“This is an important milestone for Nymi,” said Nymi founder and CEO, Karl Martin. “We have made significant progress in the last two years, delivering on our vision of wearable, Always On AuthenticationTM. This new round of financing, with the support of our existing investors and the addition of GII Tech Ventures, provides us with the necessary resources to enter the next phase of scaled deployments.”

Founded in 2011 and backed by 10 years of research at the University of Toronto, Nymi launched the Nymi Band wearable authenticator in 2014. The device uses a wearer’s cardiac rhythm as a biometric identifier and enables continuous presence-based authentication via Nymi’s patented secure Bluetooth and Near Field Communication (NFC) communication systems. The company has recently focused on Industrial Internet of Things (IoT) applications and aims to deploy at scale later this year.

Note: The amazing features of Nymi band can be seen through the following video link: https://www.youtube.com/embed/7f3036Zuvsg?autoplay=1

Mohammed Alhassan, GII Founding Partner, Director and Chief Executive Officer for GCC, says: “We have been one of the first investment companies in the region to be aware of the opportunities of technology and IT companies. Through our client base and strong partners, we have been able to target a number of promising North American technology companies with a unique competitive position that enables them to achieve outstanding returns To our customers and partners.”

“Nymi is an amazing technology which can potentially address the gap existing in Identity and Authentication vertical” said Pankaj Gupta, GII Founding Partner and CEO for ” We look forward to work with Nymie to add value to GII Tech Portfolio by bringing the technology to GCC region.”

About Nymi

Nymi delivers secure, Always On Authentication to the enterprise. Its first product – the Nymi Band – is a wearable, multi-factor authenticator that can be used with any application, device or service for persistent authentication. With the Nymi Band, the traditional model of authentication can be transformed into a se- cure and seamless experience for enterprises and end-users. Nymi is proudly based in Toronto, Canada and was founded in 2011. For more information, visit nymi.com.

About GII Tech Ventures

GII Tech Ventures, GII’s venture fund, is a Luxembourg based, shari’ah compliant Fund focused on mid stage disruptive technology companies based in North America. These companies have proven products with strong customer validation, are in early stages of revenue, unique competitive positioning, a strong team and experienced existing investors. The platform further leverages GII’s offshore business development experience to facilitate the international market penetration of its portfolio companies, as well as provides them with invaluable access to an exclusive network of UNHWIs and institutional investors.