WWodan AI
Wodan AI is a Spanish-Belgian deeptech startup building privacy-preserving AI infrastructure based on Fully Homomorphic Encryption (FHE), letting machine learning, computer vision and LLM models run directly on encrypted data without ever decrypting it. Founded in 2023/2024 by Bob Dubois and Manuel Pérez Yllán, it targets highly regulated sectors such as finance, defence, healthcare and critical infrastructure with a 'Zero Trust AI' / sovereign-AI positioning. In December 2025 it closed a €2M pre-seed round led by JME Ventures, Swanlaab and Adara Ventures, and announced it was moving its global HQ to Madrid and consolidating R&D in Spain.
SectorsAI & Data, Cybersecurity, Deeptech & Hardware, Privacy-preserving AI / Homomorphic Encryption, Fintech, Defence, Healthtech & Bio
Start-up MapCybersecurity › Data privacy & encryption
Founders
B
Bob Dubois
CEO & Co-founder
M
Manuel Pérez Yllán
CTO & Co-founder
Global models 5
ZZama
France · www.zama.ai ↗
Builds fully homomorphic encryption libraries and infrastructure, including encrypted machine learning, so models can run on data that stays encrypted.
~$150MComparable
DDuality Technologies
United States · dualitytech.com ↗
Sells a privacy-enhancing platform built on FHE for analytics and AI on encrypted data to regulated finance, healthcare and government/defence customers.
~$50MComparable
EEnveil
United States · www.enveil.com ↗
Sells homomorphic-encryption-based software for searching and running ML on encrypted data, aimed at financial services, government and defence buyers.
~$40MComparable
IInpher
Switzerland · inpher.io ↗
Enterprise 'secret computing' platform using MPC and FHE for privacy-preserving machine learning and analytics in regulated industries.
~$25MComparable
LLattica
Israel · www.lattica.ai ↗
Cloud platform for running AI inference on FHE-encrypted data, offering zero-trust AI to privacy-sensitive enterprises.
~$3MComparable
In the same niche 5 others
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Notes: Most funded first
Investors 5
Open as list →
Funding rounds 1
| Date | Round | Amount | Lead |
|---|---|---|---|
| 2025-12-17 | Pre-seed | €2M |
JME Ventures, Adara Ventures
+2 more
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News 2
Open as list →| Published | Article |
|---|---|
| 2025-12-23 |
Wodan AI Announces €2M Pre-Seed to Advance Privacy-First, Encrypted AI for Europe's Most Regulated Sectors ↗
The AI Insider
2025-12-23 |
| 2025-12-17 |
Wodan AI closes a €2M round to advance sovereign AI development in Europe ↗
Tech.eu
2025-12-17 |