McRock iNFund has added BDC Capital to the previously announced $4 million Series A financing in Toronto-based Invixium.
McRock iNFund, an Industrial Internet of Things venture capital fund managed by McRock Capital, counts BDC as its largest investor.
BDC Capital says it recognised an “attractive” co-investment opportunity to participate in the McRock-led financing round, noting that Invixium is a leader in advanced biometric security products which provide physical access security at enterprises and industrial facilities through Internet connected computing solutions.
“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 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.”
Invixium marks the first co-investment McRock iNFund has made with its institutional investors, notes Whitney Rockley, cofounder of McRock.
Jerome Nycz, EVP at BDC, says the move demonstrates the company’s ability to provide resources that will enable the Toronto startup to compete globally.
“Invixium’s sophisticated solution enables edge computing while maintaining the highest level of security and convenience,” stated Scott MacDonald, Managing Partner at McRock. “Invixium’s solution is highly scalable and easily transferrable to a variety of markets due to its meticulous design, intuitive user interface and powerful on-device processing power.”
The round was originally raised in October.