Enterprise Ireland is proud to support Altada Technology Solutions as part of their latest funding round – securing $11.5 million in a round co-led by Rocktop Partners and Elkstone Partners. Altada is a global artificial intelligence (AI) platform solution provider which creates operational efficiencies for clients by leveraging cutting-edge technologies.
Founded in 2018 in Ireland, Altada is a global enterprise with five offices in the U.S. and EMEA, a highly diverse, talented, and collaborative team, and a rich portfolio of clients in financial services, healthcare, and security. At the core of its corporate DNA is the ethical and responsible use of AI, manifested through its privacy-by-design principle that safeguards personal information.
With the General Data Protection Regulation (GDPR) on the horizon back in 2017, Altada’s Co-Founder and CEO, Allan Beechinor, and a group of talented data technology advocates studied and worked together on the issues surrounding Personal Identifiable Information (PII). That journey led to the inception of Altada, which has since built a reputation for solving some of the most challenging business problems by leveraging the power of AI.
“Our talented team has propelled us to become an emerging global leader in AI,” says 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.”
With now over 70 employees across the US and Europe, Altada will use this latest funding to build upon financial services offerings and respond 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 footprint 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,” says 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.”
According to International Data Corporation, worldwide spending on AI is expected to double over four years, reaching $110 billion in 2024. Altada works with asset managers, multi-family offices, and other institutional investors. The growing demand for its solutions from large enterprises in travel, healthcare, cybersecurity, and security sectors further highlights the upward trend for AI solutions. Diversity, privacy-by-design, and AI applications across industries 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’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 several weeks to just 48 hours,” says Jason Pinson, CEO, Rocktop.
Enterprise Ireland’s continued financial and strategic support of Altada will enable its growth in international markets and its ability to support global businesses to improve their processes and decision-making through the fusion of innovation and AI.