Czech cybersecurity startup Wultra has raised €3 million in an investment round from Tensor Ventures, Elevator Ventures, and J&T Ventures. The deal will help the company to accelerate the development of its post-quantum authentication technology, safeguarding banks and fintech against the coming wave of quantum threats. Tensor Ventures shared the details with AIN.
About Wultra
-
Founded in 2014 by Petr Dvořák, Wultra offers quick-to-implement post-quantum authentication solutions for financial institutions, providing secure, and seamless access to digital services.
-
Built with NIST-endorsed quantum-resistant cryptography, this developer-friendly technology ensures top-tier security, a password-free user experience, and compliance with global regulations — all deployable within 8 weeks, according to the company.
-
Trusted globally, Wultra's solutions also meet strict standards such as PSD3/PSR1 and eIDAS 2.0, delivering advanced protection against emerging cyber threats.
“While most of Wultra's sales are from its smartphone software authentication solution, its hardware authenticator, Talisman, has already seen significant demand, with thousands of units delivered and tens of thousands of pre-orders. To ensure the highest level of security and compliance, all Talisman devices are manufactured and assembled within the European Union, with final production taking place in the Czech Republic,” the press release states.
Wultra’s clients already include Raiffeisen Bank International, Erste Digital, OTP Bank, and Global Payments.
Investment details
The investment addresses growing global concerns as quantum computers edge closer to breaking the cryptography securing billions of daily financial transactions.
-
Wultra’s seed+ round was led by Czech-Luxembourg deep tech fund Tensor Ventures founded by Roman Smola, Martin Drdul, and Petr Ulvr.
"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," adds Ondrej Lipold, who was in charge of the investment at Tensor Ventures.
-
Elevator Ventures, the venture capital arm of Raiffeisen Bank International, co-led the round.
-
Returning investor J&T Ventures, which first backed Wultra in 2022, also joined the round.
The €3 million investment will allow the company to 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 plans to open a Singapore office in 2025 to serve the growing demand in these regions. Another investment round will likely occur within two years.
AIN reminds our readers that a year ago, in February 2024, J&T Ventures invested in Czech-Ukrainian hospitality startup Choice during its $2.5 million round.