Bankruptcy trustee appointed for Cork-based tech start-up Altada

A trustee has been appointed for Cork-based AI startup Altada after a series of financial setbacks and funding shortages.

Accounting firm Grant Thornton’s spokesman has confirmed that it is the receiver of the Cork company co-founded by husband and wife Allan Beechinor and Niamh Parker.

In August, the company laid off US employees and furloughed Irish employees as it sought bridge financing to “stabilize” the company amid financial difficulties.

At the time, the company blamed “unforeseen market conditions” for a delay in a planned Series A funding round that the founders had hoped would raise between €50 million and €100 million.

She had described her funding issues as a “temporary situation” and promised “to bring our entire team back within six weeks.”

Last year, Altada raised €11.5 million from venture capital firms Elkstone and Rocktop Partners, with Enterprise Ireland also making a contribution.

It employs over 70 people in offices across Europe and the US.

Altada, whose founders were shortlisted for this year’s Irish Company of the Year by Ernst & Young, provides artificial intelligence products and names several clients in the financial services sector. The healthcare, travel, security and environmental technology sectors will also be targeted.

It describes its core technology as “ethical and responsible use of AI, manifested by its privacy-by-design principle that protects personal data”.

In its most recent statement, the company claimed that it recently licensed some of its technology to a US customer “for a seven-figure sum.” However, company spokesmen declined to comment on the receivership today.

https://www.independent.ie/business/technology/receiver-appointed-to-cork-based-technology-start-up-altada-42137867.html Bankruptcy trustee appointed for Cork-based tech start-up Altada

Fry Electronics Team

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