It is not a hardware wallet, but an encrypted library of functions that can be interacted with via an application and connected via NFC. On their site, they even mentioned that these functions may extend to sensitive data, passwords, bank cards, access data and essential data, including the private key, so they are most likely using some Bitcoin wallet code to generate the private key, and decrypting it with their application.
The codes are closed source, and I don't like merging NFC cards with sensitive data, no matter the encryption.
There is no mention of any Secure Elements, so we cannot say that it is a hardware wallet, but rather an anonymous encryption of your data. If you trust them, use them, but I see it as a useless risk, especially with the presence of better, open source alternatives.