The Good Tech Companies - Wultra Secures €3M To Protect Financial Institutions From Quantum Threats

Episode Date: January 15, 2025

This story was originally published on HackerNoon at: https://hackernoon.com/wultra-secures-euro3m-to-protect-financial-institutions-from-quantum-threats. Check more stories related to cybersecurity at: https://hackernoon.com/c/cybersecurity. You can also check exclusive content about #cybersecurity, #wultra, #cybernewswire, #press-release, #wultra-announcement, #cybersecurity-tips, #cyber-threats, #good-company, and more. This story was written by: @cybernewswire. Learn more about this writer by checking @cybernewswire's about page, and for more stories, please visit hackernoon.com. Czech cybersecurity startup Wultra has raised €3 million from Tensor Ventures, Elevator Ventures, and J&T Ventures. The investment comes as global concern grows over the vulnerability of traditional security methods. Quantum computers will soon have the power to crack cryptography that protects billions of transactions daily.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Vultra secures 3 million euros to protect financial institutions from quantum threats. By Cyber Newswire, Prague, Czech Republic, January 15, 2025, Cyber Newswire. Asterisk quantum computing is said to revolutionize technology, but it also presents a significant security risk for financial institutions. Czech cyber security startup Vultra has raised €3 million from Tensor Ventures, Elevator Ventures, and J&T Ventures to accelerate the development of its post-quantum authentication technology, safeguarding banks and fintech against the coming wave of quantum threats.

The investment comes as global concern grows over the vulnerability of traditional security methods. Quantum computers will soon have the power to crack cryptography that protects billions of financial transactions daily. Woltra, whose clients already include Raiffeisen Bank International, Earthday Digital, OTP Bank, and Global Payments, is at the forefront of creating secure authentication solutions that can withstand quantum-level attacks. We anticipate a Q-Day within the next five years, a point where current authentication systems will become ineffective against quantum computers, says Petr Dvorak, CEO and founder of Woltra. Financial institutions must act now to protect their infrastructure. This investment allows us to develop next-generation solutions and deepen our presence in key banking markets that recognize

the urgency of post-quantum threats. Dvorak is no stranger to innovation. He played a key role in building Inmite, Amabile app development firm acquired by Avast in 2014. Drawing on that experience, he founded Voltra to focus on financial security. Today, the company offers mobile-first software authentication and hardware authenticators trusted by major European banks. Production strictly in the European UNI on while most of Voltra'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. Greater than, our hardware authenticator addresses the needs of corporate and premium greater-than-banking clients, aligning with new PSD3 regulations that mandate alternative greater-than-authentication methods beyond smartphones, adds Petr Dvorak. Global expansion and innovation Numerous banks and fintech companies in several countries trust Vultr solutions, and adoption is especially high in Central Europe. The €3 million investment will develop post-quantum authentication solutions and enable Wolters' 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. Greater than, Southeast Asia is becoming a key market for us. The region's financial sector greater than is evolving rapidly, and post-quantum authentication is becoming a priority, greater than explains Dvorak. By next year, we aim to establish a physical presence to greater than support our expanding client base. Another investment round in two years the seed plus round was led by Czech Luxembourg Deep Tech Fund Tensor Ventures of Roman Smola, Martin Diardal, and Petr ULVR. Greater than, Woltra has cutting-edge technology that solves the nightmare of every banker greater than in the world, says Martin Diardal, co-founder of

Tensor Ventures. Greater than, at the same time, there is no alternative to their solution that can be greater than deployed so quickly. We also like that this is another Czech startup that greater than shows that we can successfully export very advanced technologies from the greater than Czech Republic to the whole world, adds Andrei Lipold, who was in charge of greater than the investment at Tensor Ventures. Greater than Elevator Ventures, the venture capital arm of Raiffeisen Bank International, greater than co-led the round. Suleiman Arabiat, principal at Elevator Ventures, comments. Greater than, authentication is a challenging and ever-growing field. And we believe greater than Wolter's solid technology stack and development capabilities

address the most greater than critical challenges in securing financial institutions against future threats. Greater than we are excited to support their expansion into new markets and their greater than trailblazing journey out of sea to the world. Greater than returning investor J&T Ventures, which first backed Waltra in 2022, also greater than joined the round. We've supported Waltra from the early stages and have been greater than consistently impressed by their technology and market growth, says Adam Greater than Kocik, partner at J&T Ventures. As quantum threats become more pressing for greater than the financial sector, Woltra's solutions are positioned to become essential greater than infrastructure for banks

and fintechs. This round reinforces our belief in greater than their growth potential and ability to lead the industry into the post-quantum greater-than era. Another investment round will likely occur within two years. AboutWoltra Ultra provides easy-to-deploy post-quantum authentication solutions for financial institutions, ensuring secure and seamless access to digital services. Its developer-friendly technology, powered by NIST-endorsed quantum-resistant cryptography, delivers bulletproof security, a passwordless user experience, and compliance with global regulations, all deployable in just eight weeks. Trusted be financial institutions worldwide, Woltra's solutions meet stringent standards like

PSD3, PSR1 and EIDAS2.0 while offering cutting-edge protection against evolving cyber threats. For more information, visit www.woltra.com. About Tensor Ventures Tensor Ventures is a global deep-tech fund headquartered in Prague and Luxembourg, founded by Roman Smola, Martin Diardal, and Petr ULVR. The first fund supported revolutionary early-stage deep-tech startups, building a portfolio of over 20 companies across Europe, the UK, Israel, the USA, and beyond. Notable successes include Tatum, Veracity Protocol, and QC82 Quantum Chips. The second fund, Tensor Ventures, is targeting a size of 50 million euros

and will again allow investors to tap into unique quantum technologies, biotechnology, security technologies, software 2.0, and energy and climate technologies. In addition to these areas, however, there will also be an opportunity to invest in space technologies. For more information, visit www.tensor.ventures. About Elevator Ventures Elevator Ventures is the venture capital fund backed by Raiffeisen Bank International, Raiffeisen Holding Niederösterreich Wien, and Raiffeisen Landesbank Steiermark and manages funds of more than 100 million euros to elevate the growth of technology companies in fintech and beyond banking. The team has a wide sourcing and business development network in DACH&C and uses the deep expertise and intel of its investors as an advantage to date elevator ventures invested close to 50 million euros into 16 companies

resulting in four successful exits and into two funds for more information visit www elevator ventures com about j and t ventures venture capital Fund J&T Ventures invests in promising, innovative startups to contribute to their dynamic development and value growth. The J&T Ventures funds manage €50 million and provide not only financial resources, but also help TO set up business strategy, business processes, support expansion to foreign markets, fundraising and managerial experience along with contacts. The fund seeks promising business projects with exceptional founders, focusing primarily on the C&C region and investing between €0.5 million and €2.5 million. More information at www.jtventures.cz and LinkedIn.

Contact founder and CEO PETR Dvorak Woltrapeter. Dvorak at Woltra.com. Tip This story was distributed as a release by CyberNewsWire under HackerNoon's business blogging program. Learn more about the program here. And thank you for listening to this HackerNoon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.