CORK, Ireland & NEW YORK--(BUSINESS WIRE)--Altada Technology Solutions (“Altada” or “the Company”), a global artificial intelligence (AI) platform solution provider which creates operational efficiencies for clients by leveraging cutting edge AI to unlock value in data, announced today a USD $11.5 million funding round led by Rocktop Partners alongside Elkstone Partners and Enterprise Ireland.
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. 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.
“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. We are thankful to Rocktop, Elkstone and Enterprise Ireland for enabling us to scale our growth and assume a leading position in the sector.”
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, 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 organizations. Its solutions reduce processing costs, create new levels of efficiency, optimize existing resource allocation and help generate and deliver alpha. Altada has successfully driven its clients’ automation, data-driven decision making, enabled scale and has increased profitability through AI.
“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,” said Jason Pinson, CEO, Rocktop.
Alan Merriman, Founder at Elkstone added: "Elkstone believes in Altada’s solutions and capabilities and strongly supports its evolving vision for AI applications. This team understands that innovation is the key to success and how to leverage AI to uncover the power of combining cutting edge technology with a talented and experienced team to solve real world problems."
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 APAC region in the near future. In 2021, Altada appointed four key executives to its management team, Denis Canty, Chief Technology Officer, Máire P. Walsh, Chief Commercial Officer, Trucle Nguyen, Chief Innovation Officer, and Brian McElligott, Chief Intellectual Property Counsel.
Clearwater International acted as corporate finance advisor to Altada and will be advising on the Company’s next funding round expected in Q2 2022.
About Altada Technology Solutions
With offices in Europe and the U.S., Altada provides scalable artificial intelligence solutions to companies in financial services, travel, and security, among others. Altada’s solutions are successfully driving data-driven decision-making. Its executive and technical team have over 75 years' experience of expertise in AI technologies. Altada holds itself to the highest ethical standards and code of conduct in all its business relationships and strongly supports diversity, equity, and inclusion.
About Rocktop
Rocktop Partners, LLC ("Rocktop") is an alternative investment manager and SEC registered investment adviser based out of Dallas, Texas. Rocktop specializes in distressed consumer credit markets, in particular, the acquisition of large pools of performing and nonperforming first lien residential mortgage loans with title defects, compliance issues, or other collateral deficiencies.
About Elkstone
Elkstone is a leading Irish Multi-Family Office with a portfolio of close to 40 high-growth tech companies and was a seed-stage backer of several high-profile Irish start-ups including unicorns LetsGetChecked, Flipdish, Soapbox Labs and Manna.
