Altada Technology Solutions has announced a USD $11.5 million funding round led by Rocktop Partners alongside Elkstone Partners and Enterprise Ireland.
Altada Technology Solutions is a global artificial intelligence (AI) platform solution provider which creates operational efficiencies for clients by leveraging cutting edge AI to unlock value in data.
With over 70 employees across the U.S. and Europe, Altada is focused on building upon its work in financial services and responding to a rapidly increasing demand for AI solutions in healthcare, security, and travel. This new infusion of capital will support the hiring of over 100 new employees across Altada’s global offices in the areas of quantum computing, engineering, data science, product development, blockchain engineering, and cloud platform management, among others.
“We have reached an important milestone in the growth and evolution of Altada,” said Allan Beechinor, Altada Co-Founder and CEO. “This funding is indicative of the investor confidence in our successful track record and our unparalleled experience in serving the financial services and security sectors in particular. Altada is in a state of perpetual innovation, and this is just the beginning of our journey. We are thankful to Rocktop, Elkstone and Enterprise Ireland for enabling us to scale our growth and assume a leading position in the sector.”
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Welcoming the news, the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD said: “Altada is a great example of an innovative Irish company, capitalising on the potential of new technologies and seeing massive success. [This] announcement of over 100 new jobs, the vast majority of which will be based in Ireland, is fantastic news for Altada, and will provide a real boost for Cork where most of the new jobs will be based.”
Worldwide spending on AI is expected to double over four years, reaching $110 billion in 2024, according to International Data Corporation. Indicative of the upward trending AI applications is Altada’s work with asset managers, multi-family offices, institutional investors, and a growing indicated demand for its solutions from large enterprises in travel, healthcare, cybersecurity and security sectors, to name a few.
“Our talented team has propelled us to become an emerging global leader in AI,” said Niamh Parker, Altada Co-Founder and Chief Legal and People Officer. “The use of AI comes with great responsibility, and we are committed to empowering our clients to respond to the uncertainties of today and uncover the opportunities of tomorrow, in alignment with our core values and ethical business practices.”
Diversity, privacy-by-design and AI applications across sectors are the bedrock of Altada’s work. The Company uses its AI platform to embed effective AI at the heart of organizations. Its solutions reduce processing costs, create new levels of efficiency, optimize existing resource allocation and help generate and deliver alpha. Altada has successfully driven its clients’ automation, data-driven decision making, enabled scale and has increased profitability through AI.
“Altada’s AI solutions has given our business the competitive edge in the market with transformational operational and cost efficiencies, such as the reduced cost of processing a loan file from $400 to $25 and reducing the time it takes to process a portfolio from 6-8 weeks to 48 hours,” said Jason Pinson, CEO, Rocktop.
Alan Merriman, Founder at Elkstone added: “Elkstone believes in Altada’s solutions and capabilities and strongly supports its evolving vision for AI applications. This team understands that innovation is the key to success and how to leverage AI to uncover the power of combining cutting edge technology with a talented and experienced team to solve real world problems.”
“Altada is a world-leading Irish company providing cutting-edge solutions that solve complex problems for clients globally,” said Leo Clancy, CEO, Enterprise Ireland. “Today’s announcement is a significant milestone for this ambitious and dynamic company. We are delighted to continue to support the company on its rapid growth path and to be part of this investment round.”
In the last year, the Company opened offices in New York, San Francisco, Dublin, Malta and Barcelona and has plans to expand to Austin, and in the APAC region in the near future. In 2021, Altada appointed four key executives to its management team, Denis Canty, Chief Technology Officer, Máire P. Walsh, Chief Commercial Officer, Trucle Nguyen, Chief Innovation Officer, and Brian McElligott, Chief Intellectual Property Counsel.
Clearwater International acted as corporate finance advisor to Altada and will be advising on the Company’s next funding round expected in Q2 2022.