ROCKY HILL, Conn., May 21, 2019 /PRNewswire-PRWeb/ -- Connecticut Innovations (CI), Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for Connecticut's innovative, growing companies, today announced that it has closed on the initial $665,000 tranche of a $1 million investment in Invixium Access, a manufacturer of modern biometric solutions. Invixium was a winner at VentureClash 2018.
Invixium will use the initial infusion of capital for software and data analytics development, sales and marketing, and expansion into the United States, as well as to hire salespeople for management of strategic accounts.
"We're excited to close on this investment with Invixium," said Alison Malloy, Director of Investments at Connecticut Innovations. "Security is an ever-present issue, and we are confident in Invixium's incredibly strong executive team. We look forward to continuing to support Invixium's growth and expansion."
Headquartered in Toronto, Ontario, Invixium designs, builds and supports biometrically enabled capture devices and related software that provide positive identification of individuals. Invixium products are used in the enterprise and residential markets for access control, time tracking and smart building automation and serve as alternatives to existing methods of access control that are antiquated and vulnerable.
"We are deeply appreciative of the investment support from Connecticut Innovations and the recognition of the value of our biometrics solutions company," said Shiraz Kapadia, Founder and CEO of Invixium. "On so many levels, our participation in the VentureClash competition was richly rewarding. The capital infusion from CI will allow us to aggressively pursue our 2019 objectives and continue our expansion to the United States, which includes the establishment of a strong presence in Connecticut."
Last year, VentureClash attracted nearly 300 applicants and culminated with a finals event on Thursday, October 20, 2018, at the Yale School of Management in New Haven, Connecticut. Invixium was one of 10 finalists that presented to a broad judging panel of venture capitalists and innovation experts from leading firms.
About VentureClash
Managed by Connecticut Innovations, VentureClash is Connecticut's global venture challenge focused on early-stage companies. The challenge, launched in 2016, identifies high-potential companies in digital health, fintech, insurtech and industry 4.0 that will compete for investments from a $5 million award pool. For more information on qualifications, requirements, guidelines and application for this year's upcoming 2019 challenge, visit http://www.ventureclash.com.
About Connecticut Innovations
Connecticut Innovations (CI) is Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for Connecticut's innovative, growing companies. CI provides venture capital and strategic support for early-stage technology companies, financial support for innovation and collaboration, and connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.
SOURCE Connecticut Innovations
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