Irish company Altada Technology Solutions has announced an €11.5m funding round led by Rocktop Partners alongside Elkstone Partners and Enterprise Ireland.
Altada provides scalable artificial intelligence solutions to companies, creating operational efficiencies for clients by leveraging cutting edge AI to unblock value in data.
It has over 70 employees across the US and Europe, and will create a further 100 jobs following this funding announcement, most of which will be based in Cork.
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.
It said the 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," he said.
"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," he added.
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.
"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," she added.
Jason Pinson, CEO, Rocktop said, "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 6-8 weeks to 48 hours."
Welcoming the news, Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said Altada is a great example of an innovative Irish company, capitalising on the potential of new technologies and seeing massive success.
"Today’s 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."
Clearwater International acted as corporate finance advisor to Altada and will be advising on the company’s next funding round - expected in the second quarter of 2022.
