SAWO Labs Raises INR 5.5 Cr from StartupXseed to Devise OTP-less Authentication
SAWO, which stands for secure authentication without OTP, will use the fresh capital to strengthen its product portfolio of OTP- and password-less tools along with robo identification and password-less consumer onboarding tools
SAWO Labs, that eliminates the need for password or one time password (OTP) based authentication, said on Wednesday it has raised INR 5.5 crore seed funding from StartupXseed, a sector agnostic seed and early stage venture capital fund.
SAWO, which stands for secure authentication without OTP, was founded earlier this year. In September, it raised pre-seed investment after being shortlisted by 100x.VC in its second cohort of startups for pre-seed investments.
The two investment rounds have valued the Delhi-based startup at INR 28 crore, as per the official statement from SAWO Labs.
The confidence that StartupXseed and 100x.VC have displayed in our approach is a testament to the fact that we are on the right path. SAWO is grateful to everyone whose efforts have led to a successful closure of our seed funding round,” said founder and CEO Prabhat Sahu.
SAWO Labs provides software-as-a-service (SaaS) based one-tap authentication services across the web, cloud, on-premises applications, VPNs, and remote access gateways. It leverages SSL (Secured Sockets Layer) of Mongo DB as well as FIDO protocol to simplify user verification by the way of high-end security protocols in the touch-of-a-button format.
The company claims its services can bring down the cost of authentication to a quarter of what businesses incur at present.
“We aim to make ultramodern security protocols an integral part of contemporary digital experiences, saving millions of man-hours of the end-users,” Sahu said.
As per the SAWO Labs, the fresh capital will be used to strengthen its product portfolio of OTP- and password-less tools along with robo identification and password-less consumer onboarding tools based out of India. The company will also use the funds to expand its outreach to save millions of man-hours of the end-users.
“SAWO has a unique solution to a problem which is faced by consumers across the world. With the funding received by SAWO, it can now scale rapidly in its journey to become a global leader. At 100x.vc, we invested in the vision of SAWO and are delighted to see its progress,” said Ninad Karpe, Partner, 100x.VC.