Irish artificial intelligence firm, Altada, has confirmed it has temporarily laid off some Irish staff and let its US based team go as it works to "secure funding and stabilise the company."

The move is the result of "unforeseen market conditions" which the company said had affected its clients.

The situation also forced the company to move its planned Series A fundraising round to later in the year.

"We realise that this is a very challenging time for our incredible employees," the company said in a statement on its website.

"This is a temporary situation and we are working on funding solutions that will bring our full team back within six weeks."

The company said bridging finance it is raising will allow it to deliver on projects planned for this year in a range of areas.

"It will also enable us to work with our creditors who have been supporting us through this very difficult time," it added.

The company also said that its founders and management are confident about its future.

"We are working closely with our shareholders and advisors to secure funding and stabilise the company," it stated.

Altada was founded in 2017 by husband and wife team, Allan Beechinor who is the firm's CEO, and Niamh Parker, who is chief legal and people officer.

It has five offices around the world, including in Dublin and Cork, where it is headquartered.