Czech cybersecurity startup Wultra has secured €3 million ($3.09 million USD) in funding from Tensor Ventures, Elevator Ventures, and J&T Ventures to accelerate the development of its post-quantum authentication technology. The investment will help financial institutions safeguard against quantum threats, which could render traditional cryptographic methods obsolete within the next five years.
Wultra’s solutions, including its mobile-first software authentication and hardware authenticator Talisman, are already trusted by major European banks such as Raiffeisen Bank International, Erste Digital, and OTP Bank. The company’s hardware is manufactured entirely within the European Union, ensuring compliance with stringent security standards like PSD3 and eIDAS 2.0.
The funding will support Wultra’s expansion into Western Europe and Southeast Asia, with plans to open a Singapore office in 2025. CEO Petr Dvořák emphasized the urgency of preparing for “Q-day,” when quantum computers could break current encryption methods, and highlighted the growing demand for post-quantum security in the financial sector.
For more details, read the full announcement from Wultra here.
January 17, 2025
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