Canadian firm gets investment from Connecticut tech agency

Officials with Connecticut’s technology investment agency said Tuesday it will invest up to $1 million in a Canadian company looking to expand its operations into the United States.

Connecticut Innovations has closed on the first installment of its investment in Toronto-based Invixium Access, which manufactures biometric equipment. Biometrics is a technical term for body measurements and calculations that are used in computer science as a form of identification and access control.

CI’s first installment of its investment in Invixium Access is for $665,000. Invixium will use the money 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.

Alison Malloy, director of investments at CI, said agency officials are excited about Invixium’s potential as a company because of its strong management team and because “security is an ever-present issue.”

Shiraz Kapadia, Invixium’s founder and chief executive officer, said in a written statement the company will establish “a strong presence in Connecticut.” But Kapadia did not elaborate on how many people the company might hire in Connecticut or where they might be based in the state.

Invixium was one of nearly 300 companies that participated in the 2018 edition of VentureClash, a competition focused on early-stage companies. The competition identifies highpotential companies in digital health, fintech, and insurtech fields competing for investments drawn from a $5 million award pool

Invixium was a winner at VentureClash 2018. The challenge, launched in 2016, identifies high-potential companies in digital health, fintech, insurtech and industry 4.0 that compete for investments from a $5 million award pool.

Invixium was one of 10 finalists at last October’s VentureClash final at Yale University’s School of Management and ultimately was one of the winners of the competition.