Wodan AI, which enables AI to run on encrypted data without exposure, has raised a €2 million pre-seed round led by Spanish funds JME Ventures, Swanlaab, and Adara Ventures, with participation from ScaleFund.
- Founded in 2024 by Bob Dubois and Manuel Pérez Yllan, Wodan AI develops artificial intelligence systems capable of operating directly on encrypted data.
- The firm builds an “encrypted-in-use” platform based on homomorphic encryption and privacy-preserving computing, allowing machine learning, computer vision and rules-based models to process sensitive information without decrypting it at any stage.
- Unlike conventional security approaches that protect data only when stored or transferred, Wodan AI’s technology secures data during computation itself, addressing a key vulnerability in AI workflows.
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," claims Manuel Pérez Yllan, CTO and co-founder of Wodan AI.
- The company’s solutions are designed for regulated and security-critical sectors such as finance, healthcare, manufacturing and defence, and are built to comply with European regulatory frameworks including GDPR, the AI Act, DORA and NIS2.
Details of the deal
- The firm will use the fresh funding to hire R&D talent, accelerate its encrypted AI technology roadmap including computer vision and LLMs, strengthen its commercial capabilities, and pursue deployments with European organisations in strategic sectors.
