Hawcx Secures $3M Funding to Revolutionize Passwordless Authentication in Cybersecurity
Hawcx, an innovative cybersecurity startup specializing in passwordless authentication, has successfully secured $3 million in a pre-seed funding round. This investment is a significant step forward in addressing the alarming security vulnerabilities tied to traditional passwords, which account for over 86% of global data breaches, according to a report by Google.
Funding Round Details
The funding round was spearheaded by the prominent Silicon Valley venture capital firm Engineering Capital, with additional support from the seed-stage investor Boldcap. This financial backing will enable Hawcx to enhance its product offerings and increase its market presence.
Innovative Authentication Platform
Hawcx’s authentication platform is designed to integrate seamlessly into existing systems with just five lines of code. This not only enhances security but also simplifies the login experience for users, making it an attractive option for businesses looking to improve user protection.
Company Background
Founded in 2023 by Riya Shanmugam, Selva Kumaraswamy, and Ravi Ramaraju, Hawcx emerged from stealth mode in April 2024. The company quickly introduced a self-service platform that has gained traction across various industries.
Goals for the Future
- Accelerate product development
- Expand the team
- Scale sales and marketing efforts
Leadership Insights
Co-founder and CEO Riya Shanmugam emphasized the critical need for innovation in authentication processes. She stated, “Having seen the burdensome administrative costs of traditional authentication methods, we recognize the urgent need for a change. The passwordless authentication landscape has focused predominantly on passkeys, but true usability remains a challenge.”
Vision for Passwordless Solutions
Shanmugam continued, “Passwords are becoming obsolete. At Hawcx, we’re dedicated to providing a seamless, passwordless authentication experience that simplifies security for users and reduces operational overhead for organizations.”
Support from Investors
Ashmeet Sidana, founder and managing director of Engineering Capital, expressed confidence in Hawcx’s vision. “The team at Hawcx combines exceptional technical insight with a unique understanding of market needs. Their approach to passwordless authentication addresses one of the industry’s most pressing challenges in a scalable manner. We are excited to support Hawcx as they transform how businesses and users approach authentication.”
For more information about Hawcx and its innovative solutions in the cybersecurity landscape, visit Hawcx’s official website.
