NXM Labs Grows Pre-Series A Funding with US$2.5 Million Warrant Exercise
SAN FRANCISCO, Sept. 17, 2019 /PRNewswire/ -- NXM Labs, Inc. ("NXM"), the leading innovator in autonomous security, today announced the completion of a warrants exercise which added US$2.5 million to its seed financing which now stands at US$8.2 million. The warrants were exercised by existing and new investors.
The additional funding will be used to commercialize NXM's award-winning 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 unparalleled protection of private confidential information at the chip level, safeguarding connected devices and their data against rapidly evolving security threats. Applications range from connected vehicles, smart homes and city infrastructures, to enterprises, consumer electronics and insurance.
"We are very pleased with the vote of confidence we have received from our investors at this stage of our development," said Scott Rankine, CEO, NXM. "Our focus now is demonstrating the scalability of autonomous security and its many commercial applications."
About NXM Labs
NXM works with global leaders in communications, semiconductors, insurance, transportation and other sectors, developing commercial applications utilizing advanced cryptography, distributed ledger, 5G and other technologies. NXM is the recipient of Frost & Sullivan's 2019 North American Visionary Innovation Leadership Award in IoT Security. Founded in 2016, the Company is based in San Francisco and Toronto. For more information visit nxmlabs.com.
Media and Analyst Contact:
Josef Zankowicz
josef@nxmlabs.com
647-500-1563
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SOURCE NXM Labs, Inc.
