NXM Labs completed a warrants exercise which added US$2.5m to its seed financing, which now stands at US$8.2m. The warrants were exercised by existing and new investors. The additional funding will be used to commercialize NXM’s technology that enables Internet of Things (IoT) devices to automatically manage their own security without the need for human intervention. NXM’s solution also provides protection of private confidential information at the chip level, safeguarding connected devices and their data against rapidly evolving security threats. Its applications range from connected vehicles, smart homes and city infrastructures, to enterprises, consumer electronics and insurance. Founded in 2016 and led by Scott Rankine, CEO, NXM works with global leaders in communications, semiconductors, insurance, transportation and other sectors. The company is based in San Francisco, CA and Toronto, Canada and develops commercial applications utilizing advanced cryptography, distributed ledger, 5G and other technologies. NXM Labs, headquartered in San Francisco with R&D facilities in Toronto, develops autonomous security and data integrity software. Its core product, the NXM SecureSuite platform, enables connected devices and systems to manage their own security and deliver data integrity and resilience against hackers, including future quantum-computer attacks. The company describes its Autonomous Security approach as fully automated devices and systems that manage their own security and data protection without human intervention. NXM Labs closed a $5.5M pre-Series A financing and intends to use the funds to commercialize its platform. The first commercial deployment is a connected-vehicle solution developed with Sprint called the NXM Wave, which delivers secure passenger Wi-Fi to pre-owned vehicles that can reach 5G speeds. NXM Wave will be available from select US auto dealerships beginning this quarter, and Cedarpoint Investments managed the financing.

Total raised

$8M

Funding rounds

2

Latest round

Seed

Latest activity

Sep 2019