SAWO Labs Raises INR 5.5 Cr from StartupXseed to Devise OTP-less AuthenticationSAWO, 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
ByShipra Singh•
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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," saidNinad Karpe, Partner, 100x.VC.
