Toronto-based startup Bionym has raised a $14 million Series A round of funding to continue to develop the firm's smart bracelet that can potentially be used for security purposes.

The round includes strategic investments from participants such as Export Development Canada, which sees the value of the device as a feature to enhance security for business consumers.

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The technology by Bionym puts a state-of-the-art electrocardiogram sensor inside a smart bracelet dubbed the Nymi.

The wearable device identifies the wearer's ECG readings and matches it to one's stored profile to ensure the identity of the user. It then sends authentication information to other devices through wireless communication systems.

When the band is removed, it requires a re-authentication of the user's identity through the ECG reading before it becomes functional once again.

"We're establishing the Nymi as the de facto platform for persistent, trusted identity, and this round of financing is providing us with the resources needed to bring the platform to market," said chief executive officer and founder Karl Martin.

"We see the Nymi as a potential game changer," added Managing Partner of Ignition Partners, Nick Sturiale.

"With the breadth and depth of third party application developer commitments, it's clear there is tangible excitement at the numerous use cases presented by extending identity and presence from the smart phone onto the wrist."

While the Nymi is only one of the company's first products, developers have it in their hands as the device is set to be launched later in the fall.

In the pre-order campaign for the wearable, it received more than 10,000 reservations thus far. The round of funding will help the company meet the shipping date and beyond, and it will also finance the expansion of the company as Bionym hires additional employees.

Since its founding in 2011, the company has grown to 40 employees, and has since moved into a larger workspace in downtown Toronto.

The Nymi's approach on ensuring the identity of the person through biometric measure of an electrocardiogram is unique. It theoretically offers security benefits above and beyond fingerprinting technologies, according to Bionym.

TagsSmart Bracelet, Smart Device, Smart watch, ECG, Heart monitor, Heart, startup, Startups, Bionym, Biometrics, Series A funding