100 new jobs as Cork’s Altada raises $11.5m

Cork business Altada Technology Solutions creates operational efficiencies for clients by leveraging cutting edge AI to unlock value in data.

Altada Technology Solutions has raised $11.5m in a funding round led by Rocktop Partners alongside Elkstone Partners and Enterprise Ireland.

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.

“Altada is in a state of perpetual innovation, and this is just the beginning of our journey”

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.

Emerging global AI leader

“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.”

Worldwide spending on AI is expected to double over four years, reaching $110bn 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 organisations. 

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 Asia-Pacific region in the near future.

“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.”

Main image at top: Representatives from Rocktop, Regan Wall LLP, Enterprise Ireland, Altada, Elkstone Partners and Clearwater celebrating Altada’s $11.2m fundraise.

John Kennedy
Award-winning ThinkBusiness.ie editor John Kennedy is one of Ireland's most experienced business and technology journalists.