Ireland-based AI platform provider Altada Technology Solutions has raised $11.5m (£8.54m) in a recent funding round led by Rocktop Partners, alongside other investors like Elkstone Partners and Enterprise Ireland.
With this latest round of funding, the company will look to hire over 100 new employees in the areas of engineering, quantum computing, data science, product development, blockchain engineering and cloud platform management among others.
Altada employs over 70 people across the US and Europe, and it is building upon its already existing financial services. This new funding round comes when there’s an increasing demand for AI solutions in the healthcare, security and travel industries.
“We have reached an important milestone in the growth and evolution of Altada,” said CEO Allan Beechinor. “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.”
The company works with asset managers, institutional investors and multi-family offices, as its solutions continue to grow in demand from large enterprises in the travel, healthcare, cybersecurity and security sectors.
“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.”
Altada says its AI platform is used to embed effective AI throughout companies, and it offers solutions to reduce processing costs, create new levels of efficiency, and optimise resource allocation.
“Altaha’s AI solutions have 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 six to eight weeks to 48 hours,” said Jason Pinson, CEO of Rocktop.
Over the year, the company has opened offices in New York, San Francisco, Dublin, Malta and Barcelona, with plans to expand to Austin and in the APAC region.
