Wodan AI raises 2 million to unleash AI on encrypted data

"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."

""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 secured €2 million in a pre-seed round led by JME Ventures, Swanlaab, and Adara Ventures, with participation from ScaleFund. The company develops homomorphic encryption solutions that enable machine learning, computer vision, and LLM models to run on encrypted data without ever decrypting it. The technology aims to meet strict privacy and security requirements of financial institutions, defense, and government agencies. Raised funds will expand the R&D team and accelerate the technical roadmap to add advanced encrypted Computer Vision and LLM models. The company aims to deploy these capabilities at scale across Europe.

Read at Techzine Global