SAWO, which stands for secure authentication without OTP, was founded earlier this year. It eliminates the need for password or one time password (OTP) based authentication. It has raised INR 5.5 crore seed funding from StartupXseed, a sector agnostic seed and early stage venture capital fund. In September, it raised pre-seed investment after being shortlisted by 100X.VC in its second cohort of start-ups for pre-seed investments. The two investment rounds have valued the Delhi-based start-up at INR 28 crore, as per the official statement from SAWO Labs.
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 founder and CEO, Prabhat Sahu said, "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”.
Ninad Karpe, Partner at 100X.VC who were SAWO’s initial investors also noted that “As the first institutional investor in SAWO, we are excited to see the momentum it has received in funding which will fuel its growth trajectory. 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 on SAWO and are delighted to see its progress”
Published on: December 2, 2020