The global artificial intelligence (AI) platform solution provider Altada Technology Solutions has announced that it raised USD $11.5 million in a recent funding round led by Rocktop Partners. Other investors included Elkstone Partners and Enterprise Ireland.
The company is aimed at creating operational efficiencies for clients, and it does this by leveraging the latest AI to utilize data.
Altada employees over 70 people across the U.S. and Europe, and it is building upon its already existing financial services. The funding comes at a time when there is an increasing demand for AI in various sectors like healthcare and security.
Plans With New Funding
With the new funding, the company will look to hire over 100 new employees in the areas of engineering, quantum computing, data science, product development, blockchain engineering, cloud platform management, and more.
Allan Beechinor is the Co-Founder and CEO of Altada.
We have reached an important milestone in the growth and evolution of Altada,” said 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.”
The company has made strides in its work with asset managers, institutional investors, and multi-family offices. Its solutions are becoming increasingly in demand throughout large organizations in healthcare, travel, cybersecurity, and various other industries.
Niamh Parker is Co-Founder and Chief Legal and People Officer of Altada.
“Our talented team has propelled us to become an emerging global leader in AI,” said Parker “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.”
The Foundation of Altada’s Work
The foundation of Altada’s work involves diversity, privacy-by-design, and AI applications in many sectors. Its AI platform is used to embed effective AI throughout companies, and it offers solutions to reduce processing costs, create new levels of efficiency, and optimize resource allocation.
Jason Pinson is CEO of Rocktop.
“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 Pinson.
Alan Merriman is the Founder of Elkstone.
“Elkstone believes in Altada’s solutions and capabilities and strongly supports its evolving vision for AI applications,” Merriman said. “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.”
Over the past year, Altada has opened offices in many cities such as New York, San Francisco, Dublin, Malta, and Barcelona. The company will now look to expand to Austin and the APAC region.