Quantum authentication firm Wultra raises $3M

Quantum authentication technology is drawing the interest of European investors. Banking security vendor Wultra has raised 3 million euros (US$3.1 million) to boost the development of its quantum-resistant authentication for web and mobile financial apps.

Among the investors are Czech-Luxembourg deep tech fund Tensor Ventures, Elevator Ventures, the venture capital arm of Raiffeisen Bank International, and Prague-based J&T Ventures, which first backed Wultra in 2022.

The Czech startup argues that the advent of quantum computers will mean that the cryptography that protects billions of financial transactions could come under attack. Quantum computers are capable of solving computational problems unsolvable by classical computers, including breaking certain types of encryption. The danger has led to the development of quantum-safe cryptography.

“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.”

The firm also relies on face biometrics for new customer onboarding, mobile app activation and reactivation and has worked with iProov to integrate facial verification tools into products from Raiffeisenbank in Czechia.

Wultra has been working with financial institutions across Central Europe, offering both software authentication and a hardware authenticator device called Talisman. Its clients include Raiffeisen Bank International, Erste Digital, OTP Bank and Global Payments.

The new investment will enable the Prague-headquartered company to expand into Western Europe and Southeast Asia. The company plans to open a Singapore office in 2025, according to its release.

Earlier in 2024, the company announced it was entering the Vietnamese market through a strategic partnership with Savis Group, a digital transformation company focusing on the government sector.

Article Topics

biometrics  |  face biometrics  |  funding  |  quantum authentication  |  quantum computing  |  startup  |  Wultra