Cork firm Altada has announced today a $11.5m (€9.85m) funding round led by Rocktop Partners alongside Elkstone Partners and Enterprise Ireland that will support the hiring of over 100 new employees across the company’s global network.

Founded by Allan Beechinor and Niamh Parker, Altada uses artificial intelligence technology so companies can make sense of the large volumes of data they collect. The company provides this technology within the fintech, finance, health tech, security, travel, entertainment and sports industries to overcome challenges and take control of their data.

With more than 70 employees across Europe and the US, Altada is focused on building upon its work in financial services and responding to increasing demand for AI solutions in healthcare, security, and travel. The new employees will be in the areas of quantum computing, engineering, data science, product development, blockchain engineering and cloud platform management.

In the last year, the company opened offices in New York, San Francisco, Dublin, Malta and Barcelona and has plans to expand to Austin in the US and in the APAC region in the near future.

“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.”

“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.”

“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 of Dallas-based Rocktop.

Alan Merriman, Founder of Irish firm Elkstone said they strongly support Altada’s 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,” he said.

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