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May 21, 2019

CI to invest $1M in Canadian startup

invixium Photo | Invixium A suite of Invixium products.
By Joe Cooper

Connecticut’s venture capital arm said it will invest up to $1 million in a Canada-based manufacturer of biometric products, which was a 2018 VentureClash competition winner.

The quasi-public Connecticut Innovations (CI) on Tuesday announced it’s made an initial $665,000 investment in Invixium Access, of Toronto, Canada, which was named among six other winners in the third annual  VentureClash competition in October. 

Invixium, founded by CEO Shiraz Kapadia in 2012, designs and builds biometric products that help with user authentication and other tasks. Biometrics is the technical term for body measurements and is used in computer science.

CI, a Rocky Hill-based agency pursuing dual headquarters in Hartford’s Colt Gateway building and New Haven, said Invixium will use the capital for software and data analytics development, sales and marketing, and expansion into the U.S. market.

It’s slated to receive up to $1 million in total funding from CI.

"Security is an ever-present issue, and we are confident in Invixium’s incredibly strong executive team,” said Alison Malloy, CI’s director of investments.

Invixium was among the 10 finalists that presented to a panel of judges at last year’s VentureClash competition at the Yale School of Management in New Haven. In total, the competition drew almost 300 applicants vying for the $5 million award pool.

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