In a nutshell
- Czech Talsec, a startup offering specialized tools for app developers that protect against hackers, secured its initial investment of €1M (25M CZK).
- The backers are London-based Dig Ventures and Prague-based DEPO Ventures.
- This funding will accelerate Talsec’s penetration into the global market and support further development. According to their data, the app already serves over a thousand clients.
Their background story
Czech startup Talsec, founded by Sergiy Yakymchuk, acts as a security agent within mobile apps, concealing sensitive information, and detecting malicious software. The founder has over fifteen years of experience in security software and ten years in managing security products at companies like Gemato and Thales.
Talsec employs multi-layered protection to safeguard applications and APIs from threats like reverse engineering, app cloning, device rooting, and other types of attacks through application and device integrity checks. It also monitors the application’s runtime environment in real-time, providing risk assessments, auditing, and data analysis. Malware detection is based on machine learning. The startup provides comprehensive protection for mobile applications across various development platforms, such as Android, iOS, and cross-platform frameworks such as React, Cordova, or Google’s Flutter platform.
Originating as a spin-off from the Brno-based technology company Monet+, its clients now include companies like Generali and VIG, fintech firms like BrasilCard, and the Czech Ministry of the Interior.
Google included the company among 17 global startups using AI to transform cybersecurity. For its AppiCrypt project, Talsec received the Ernst & Young ESO Cyber Space Innovation award, and it was selected in the Top 50 by 4YFN at the Mobile World Congress.
In their own words
“We decided to enter the market with a product that offers protection for mobile-first businesses, with an initial focus on fintechs. We want Talsec, with its freemium toolkit, to become standard for developers needing to ensure the security of their applications and their users. This year, we are on track to multiply our audience and revenue and significantly expand awareness of our products within the developer community,” shared Sergiy Yakymchuk, founder and CEO of Talsec.
Investors’ perspective
“The Czech Republic has given rise to multiple community-centric, category-defining software companies, from Jetbrains to Avast, and now Talsec too. The strength of the fundamental computer science training in local universities, as well as the prevalence of several cyber security companies, means that companies such as Talsec emerge with unfair advantages and have a chance to redefine entire software categories. This is our third investment in the country following Deepnote and Rossum, we are excited to continue to support the next generation of enterprise innovators here,” explained Rytis Vitkauskas, partner at Dig Ventures, an early enterprise-focused venture capital fund started by Ross Mason, founder of Mulesoft.
“Fraud prevention in mobile applications is an important and growing market opportunity. The technology Talsec employs addresses this challenge effectively. Unlike its competitors, Talsec boasts a highly scalable distribution model, enhancing its chances of success. Its initial product is developing rapidly and showing remarkable results. Since we began following Talsec last July, their growth has doubled,” said Michal Ciffra, partner at DEPO Ventures.
