Young Technopreneurs Reaching...
Innefu Labs, an Information Security Company, founded by the two young technopreneurs,...
Innefu Labs, an Information Security Company, founded by the two young technopreneurs, Tarun Wig and Abhishek Sharma in 2012 with head office in New Delhi and total investment of `10 Lakh (funded by family & friends). Today Innefu Labs has spread its wings in 3 major IT cities of India viz. Hyderabad, Bengaluru and Mumbai. Innufu are serving reputed business houses & organizations like DRDO, RBI and CRPF providing them innovative product, Authshield, World’s only multifactor authentication solution which works at a protocol level through facila & speech recognition.
3 year old company has recently valued their firm at `68 crore ($10.2 million) and they are also in discussions with many Indian and foreign investors and looking to raise $2.5 to $3.5 million by diluting 20 to 25 percent stake of the company. The company will capitalize this to get more clients and to expand in Bangladesh and Sri Lanka.
The technology is used to securely authenticate customer’s identity while carrying out Mobile & Online payments, retail and Point of Sale transactions, ATM Transfers as well as Public distribution systems.
Talking about the first idea behind Innefu lab Tarun Wig, Co-founder, Innefu Lab said, “Abhishek and I, We both were security fanatics and used to keep dabbling in small security software for personal use. In 2010, we realized that India has a huge space for cyber security development organizations, a demand which was parallel to the growing IT industry of India. And if you check the statistics you would realize that in 2005 the entire turnover of Indian IT industry was equivalent to a turnover generated by Microsoft and Nokia alone which had one tenth of the manpower of entire Indian IT industry. Moreover, businesses in India were acutely dependent on the imported security solutions in the field of IT and cyber security”.
“We both of us decided to fill the unmet demands of the industry and we got success in it. Moreover, cyber security is directly proportional to the security of a nation, and if you are using foreign security products, you are more prone to attacks. From the day one, Innefu has developed a niche in the indigenous cyber security product” he added.
The biggest challenge that faced by Innefu in early days was the acceptability by the Information security ecosystem of the country. A lot of organizations wanted to get Innefu products empanelled in Gartner, despite the fact that Innefu has already OATH certified (The First Indian Company to get this certification).
Apart from that, AuthShield is a very unique product which can be implemented in applications such as mail clients on smart phones / desktops SAP, etc. Many of its unique features are not available in any other authentication solution in the market. A lot of clients are not aware that such a solution exists and can be easily implemented in their architecture. As a result, we did a lot to prove the concept and demonstrations were made before the clients for clear understanding.
Innefu Labs are fluently giving services to the government sector in India. Recently, CRPF has requested 1500 AuthShield Tokens in the first phase and is expected to deploy it in different parts of the country. Some of the top Government institutions such as the Defense Research and Development Organization (DRDO) and National Housing Bank (NHB) are already using the AuthShield Labs’ security solutions.
“Authshield, World’s only multifactor authentication solution which works at a protocol level through facila & speech recognition. Our products are certified by OATH as government organizations always ask for it. Our Multifactor Authentication solution helps IT organizations in securing their SAP ERP, Corporate Email, VPN, Remote Server Logins, Cloud Infrastructure and any Web Applications with multiple layers of protection and can be integrated without end point applications for integration”, Tarun Wig added.
According to the company, Innefu’s closest competitors would be probably RSA, VASCO and DUO Security. RSA and VASCO still are using the technology of the 90’s. RSA has also had accusations thrown at it for deliberately
introducing a backdoor in their product on the behest of the NSA, under the PRISM surveillance act (As per reports in multiple newspapers).
Talking about the business expectations and targets to set out to meet in Indian and Market outside India, Tarun Wig said, “In 2016 – 2017, we intend to cover the whole Indian market and target Sri-Lanka and Bangladesh as potential markets for the future. We believe our unique points give us a strong edge over other players in the authentication market and we should be able to treble our revenues in the coming year. In terms of R&D we are working on implementing authentication in embedded devices to cater the fast increasing IoT market”.
Innefu are planning for major tie-ups in this financial year. From the research and development perspective, company is working on Artificial Intelligence to add on Vocal and Facial recognition. In the next years, Innefu intend to be a major player in the multifactor authentication market in South East Asia, Africa, Sri Lanka, and Asia Pacific.
Being a startup, Innefu are expanding their services and focusing on Indian government sector. This would be a great move for a new born three year old company. This will surely give them a boom in the multifactor authentication market and to get identification in IT sector. Innefu have big plans and focused about their expansion and strengthening their bond with in the target market.
We believe our unique points give us a strong edge over other players in the authentication market and we should be able to treble our revenues in the coming year. In terms of R&D we are working on implementing authentication in embedded devices to cater the fast increasing IoT market
(From left to right) Abhishek Sharma and Tarun Wig, founders of Innefu Labs