Wodan AI, a startup specialised in running artificial intelligence models directly on fully encrypted data, has closed a €2 million pre-seed round led by Spanish funds JME Ventures, Swanlaab and Adara Ventures, with additional participation from ScaleFund in Belgium.
Wodan AI is a European company developing homomorphic encryption technology for use in artificial intelligence. Its platform is designed to enable ML, computer vision, and LLM models to run on encrypted data without decryption, reducing exposure of sensitive information.
Its platform ensures compliance with the EU’s most stringent requirements on privacy, regulation and digital sovereignty, especially relevant in sectors such as finance, defence, healthcare and critical infrastructure.
Commenting on the investment, Bob Dubois, CEO and co-founder of Wodan AI, said the funding will support the company’s plans to expand its technology and strengthen its position in the European secure AI landscape.
Recent advances in homomorphic encryption allow, for the first time, large organisations to use artificial intelligence on sensitive data without compromising security.
The company plans to make Spain a central part of its European strategy by relocating its global headquarters to Madrid and consolidating its R&D team there, with a focus on advanced cryptography, machine learning, and privacy technologies. It also develops a pilot projects with a Spanish financial institution, which it describes as an early validation of encrypted AI for critical-sector use cases.
Spain has the technical talent required to develop critical sovereign AI technologies. With our headquarters, R&D centre and team growth in Madrid, we aim to consolidate a European hub of reference in private, secure AI designed for the most demanding sectors,
adds Manuel Pérez Yllan, CTO and co-founder of Wodan AI.
The funding will support R&D hiring, accelerate the technical roadmap, and extend the platform to more advanced encrypted computer vision and LLM capabilities, with an aim to deploy these technologies at scale. It will also be used to strengthen commercial capacity and pursue contracts with European organisations in strategic sectors.
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