The Spanish-Belgian start-up Wodan AI has raised €2 million in a recent financing round. With this money, the company can further develop technology that allows AI models to run on fully encrypted data. With these privacy and security guarantees, the company is addressing concerns about AI use in Europe.
Wodan AI has completed the €2 million pre-seed financing round led by Spanish funds JME Ventures, Swanlaab, and Adara Ventures, with additional participation from ScaleFund in Belgium.
No access to data
Wodan AI’s technology is based on homomorphic encryption. This allows calculations to be performed on encrypted data without first decrypting it. Large organizations can thus run machine learning, computer vision, or LLM models without decoding the data at any point.
“Thanks to recent developments in homomorphic encryption, large organizations can now apply artificial intelligence to sensitive data for the first time without compromising security,” said Bob Dubois, CEO and co-founder. Dubois wants to use this technology to gain a foothold in financial institutions, defense, and government agencies, due to the strict privacy standards these organizations must comply with.
The capital raised will be used to expand the R&D team and accelerate the technical roadmap. Wodan AI wants to expand the platform to include advanced, encrypted Computer Vision and LLM models. The goal is to become the first European company to apply these technologies at scale.
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