Authentication solutions startup Wultra on Wednesday announced raising €3 million (~$3.1 million) in seed funding for its post-quantum technology. Tensor Ventures, Elevator Ventures, and J&T Ventures participated in the investment round.
Founded in 2014, the Praha, Czech Republic-based startup provides banks and fintech companies with post-quantum authentication that provides secure and seamless access to digital services while withstanding coming quantum threats.
Wultra says its secure authentication solutions can protect against quantum-level attacks, which are expected to crack traditional cryptography and break existing security methods.
The company says its quantum-resistant cryptography delivers a passwordless user experience, bulletproof security, and compliance with existing regulations.
The solution is used by known brands around the world, including Erste Digital, Global Payments, OTP Bank, and Raiffeisen Bank International.
Wultra has seen significant adoption of its smartphone software authentication solution and for Talisman, a hardware authenticator for corporate and premium banking clients.
The company will use the new investment to develop post-quantum authentication solutions and to expand to more European markets and to Southeast Asia. Wultra plans to open a Singapore office this year.
“We anticipate a ‘Q-day’ within the next five years – a point where current authentication systems will become ineffective against quantum computers. Financial institutions must act now to protect their infrastructure,” Wultra founder and CEO Petr Dvořák said.
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