Czech cybersecurity firm Wultra has secured €3 million in new funding to advance its post-quantum authentication technology and expand its global presence. The investment round was led by Tensor Ventures, with participation from Elevator Ventures and J&T Ventures. The funding arrives at a critical time as organizations worldwide prepare for quantum computing threats to current cryptographic standards, with agencies like the FBI and NIST increasingly emphasizing the importance of quantum-resistant security measures.
Founded in 2014 by Petr Dvořák, Wultra develops authentication solutions that protect financial institutions against potential threats from quantum computing. The company’s technology implements NIST-endorsed quantum-resistant cryptography and ensures compliance with global regulations including PSD3/PSR1 and eIDAS 2.0, the European Union’s enhanced framework for electronic identification and trust services.
The funding will support Wultra’s expansion into Western Europe and Southeast Asia, with plans to open a Singapore office in 2025. The company’s solutions, which can be deployed within 8 weeks, have already been adopted by major financial institutions including Raiffeisen Bank International, Erste Digital, OTP Bank, and Global Payments. The rapid deployment capability holds particular significance as financial institutions face mounting pressure to implement quantum-resistant security measures before quantum computers become capable of breaking current encryption methods.
“Wultra has cutting-edge technology that solves the nightmare of every banker in the world,” said Martin Drdul, co-founder of Tensor Ventures. “At the same time, there is no alternative to their solution that can be deployed so quickly.”
Elevator Ventures, the venture capital arm of Raiffeisen Bank International, co-led the investment round. J&T Ventures, which initially invested in Wultra in 2022, also participated in this funding round. The involvement of Raiffeisen Bank International’s venture arm is particularly noteworthy, as it demonstrates growing institutional support for post-quantum security solutions in the banking sector.
“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,” said Ondrej Lipold from Tensor Ventures.
The company anticipates seeking additional investment within the next two years to support its continued growth and technology development. The strategy matches broader industry trends, as other technology providers are also integrating post-quantum security measures into their authentication and identity solutions.
Sources: AIN.UA, FinSMEs, Fintech.Global
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