AI developer for finance Altada nets $11.5m ahead of major team expansion

Altada Technology Solutions, an AI solution that aims to help financial services bolster their operational efficiencies, has collected $11.5m in funding.

Rocktop Partners, an alternative investment firm based in Texas, acted as the lead investor, with commitments also coming from Elkstone Partners and Enterprise Ireland.

With the close of the round, Altada is looking to hire over 100 new employees, with positions available in its quantum computing, engineering, data science, product development, blockchain engineering, and cloud platform management.

Despite just closing this round, Altada already has its sights set on a new funding round in q2 2022.

The FinTech company, which boasts a team of 70 spread across the US and Europe, was created to help financial services meet the new demand for AI-powered capabilities.

Spending on AI technology is expected to double over the next four years, reaching $110bn by 2024, according to research from the International Data Corporation.

Altada enables companies to incorporate AI technology into their operations to improve decision making and better utilise data.

Its clients include asset managers, multi-family offices, institutional investors and large enterprises in various sectors.

In the past year, Altada has opened offices in New York, San Francisco, Dublin, Malta and Barcelona. The company is also looking to grow its base in Texas and move into the APAC region in the near future.

Altada co-founder and CEO Allan Beechinor said, “We have reached an important milestone in the growth and evolution of Altada.

“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.”

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