SAWO Stands for Secure Authentication Without OTP (One Time Password) and the company has recently announced to raise Rs. 5.5 Crore in seed funding round led by early start-up Venture Capital firm, StartupXseed.
SAWO works as a single universal sign-in for all OTP oriented platforms by using a strong Public Key Cryptography. The company aims to eliminate the need for OTP during any transaction, sign-in, registration etc. and save valuable time of the end-consumer.
Earlier in September, the start-up acquired pre-seed funding from certain investors after being shortlisted by 100x.VC.
According to a statement by SAWO Labs, the previous two investments have concluded the start-up’s valuation at INR 28 crore.
WHAT IS SAWO LABS?
Assuming we all know about the One Time Password authentication system, it is safe to say that the method was good at the beginning, but as technology progresses and lives get busier, the OTP method has just become another hurdle.
SAWO Labs is a Software as a Service (SaaS) platform that provides a better and more efficient solution to the OTP experience. It offers a one-tap authentication process that works at multiple gateways, VPN services, cloud authentication etc. Any platform where OTP is currently used, the technology can be replaced by SAWO Labs.
The technology used by SAWO Labs capitalises on Secured Sockets Layer or SSL- a standard security tool that establishes a secure encrypted link between the accessed server and user. Talking about one-tap authentication, the start-up leverages SSL of Mango DB- a database program and FIDO protocol to use in its one-tap tech, according to entrepreneur.com.
Integrating this technology, user verifications become hassle-free and authentic providing high-end security to servers and clients, eventually saving a significant amount of man-hours.
When asked about the funding, the company mentioned that these freshly acquired funds will be used to strengthen their product i.e. OTP-less one-tap authentication service and Robo identification. The company is looking forward to onboarding clients in India, tapping into the password-less consumer market and lastly to expand its outreach to save end-consumer’s time.
Prabhat Sahu, Founder and CEO, SAWO Labs states,
“At SAWO, we are singularly focused on revolutionizing the global authentication landscape. We aim to make ultramodern security protocols an integral part of contemporary digital experiences, saving millions of man-hours of the end-users. 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,” according to BW Disrupt.