Altada raises $11.5m for its data AI expansion

30 September 2021 | Antony Savvas

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Data artificial intelligence platform Altada Technology Solutions has finalised a $11.5 million funding round, led by Rocktop Partners alongside Elkstone Partners and Enterprise Ireland.

With over 70 employees across the US and Europe, Altada focuses on the financial services, healthcare, security and travel industries, helping organisations to improve their decision-making.

The new cash infusion 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.

Ireland's minister for enterprise, trade and employment Leo Varadkar said of the investment: “Altada is a great example of an innovative Irish company, capitalising on the potential of new technologies and seeing massive success. The announcement of over 100 new jobs is fantastic news and will provide a real boost for Cork where most of the new jobs will be based.”

“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.”

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