With an increased number of users preferring mobile applications over computers, attackers are turning their attention toward mobile devices. However, company executives often view security costs as a “necessary evil” due to their indirect impact on revenues. Czech startup Talsec aims to change this perspective by offering specialised tools for app developers that protect against hackers, conceal sensitive information, and detect malicious software.
Founded as a spin-off from the Brno-based technology company Monet+, Talsec, has received an investment of nearly €1 million in the first funding round. The investment came from London-based VC Dig Ventures and Czech VC DEPO Ventures, which recently invested in Czech fintech Flowpay.
This funding is intended to accelerate its penetration into the global market and support further development.
Security agent within mobile apps
Founded by Ukrainian entrepreneur Sergiy Yakymchuk in 2020 in Bron, Czech Republic, Talsec acts as a security agent within mobile apps. It is popular among developers striving to safeguard their mobile apps against major threats and adhere to best security practices.
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.
It offers a freemium B2B business model and straightforward implementation. Also, it offers several packages as annual subscriptions. It includes a suite of developer tools (SDK), application and API protection, penetration testing, monitoring services, and a user security set.
Focus on neobanks and fintechs
As per the company, the global mobile banking market was valued at $773 million in 2022 and is expected to reach $1.8 billion by 2030, averaging about 12% annual growth. Neobanking is set to claim an increasing share as new players challenge traditional banks. This is where Talsec offers a product that protects mobile-first businesses, with an initial focus on fintechs. On the whole, it is considered an optimal solution for neobanks and fintech companies.
Wide clientele
The 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.
Already, it protects over a thousand applications from companies, including insurers Generali and VIG, fintech firms like BrasilCard, by.U, Novücard, and the Czech Ministry of the Interior.
“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,” stated Sergiy Yakymchuk, founder and CEO of Talsec.
“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” said 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.
