Czech cybersecurity startup Wultra has raised €3M from Tensor Ventures, Elevator Ventures, and J&T Ventures to accelerate the development of post-quantum authentication technology.
Its founders' thesis is that quantum computers may soon have the power to crack cryptography that protects billions of financial transactions daily.
Wultra's authentication tech will be used to protect banks and fintech against quantum-enabled malware, so that cutsomers can access digital services safely. Its technology is powered by NIST-endorsed quantum-resistant cryptography and is a passwordless. This allows the product to ensure security and compliance with global regulations such as the stringent PSD3/PSR1 and eIDAS 2.0.
The €3 million investment will develop post-quantum authentication solutions and enable Wultra’s expansion into Western Europe and Southeast Asia, which are experiencing increasing adoption of digital banking.
The company's clients include Raiffeisen Bank International, Erste Digital, OTP Bank, and Global Payments.
While most of Wultra's sales are from its smartphone software authentication solution, it has also released a hardware authenticator, Talisman. All Talisman devices are manufactured and assembled within the European Union, with final production taking place in the Czech Republic.
“We anticipate a ‘Q-day’ within the next five years - a point where current authentication systems will become ineffective against quantum computers,” says Petr Dvořák, CEO and founder of Wultra. “Financial institutions must act now to protect their infrastructure. This investment allows us to develop next-generation solutions and deepen our presence in key banking markets that recognize the urgency of post-quantum threats.”
“Our hardware authenticator addresses the needs of corporate and premium banking clients, aligning with new PSD3 regulations that mandate alternative authentication methods beyond smartphones,” he added.
"Wultra has cutting-edge technology that solves the nightmare of every banker in the world," says Martin Drdul, co-founder of Tensor Ventures. "At the same time, there is no alternative to their solution that can be deployed so quickly. We also like that this is another Czech startup that shows that we can successfully export very advanced technologies from the Czech Republic to the whole world," added Ondrej Lipold.
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