Clearwater International advises Altada Technology Solutions on its funding from Elkstone Partners
Clearwater International has advised Altada Technology Solutions (Altada), a rapidly growing AI driven data analytics software company on its investment from Elkstone Partners (Elkstone). The primary investment will fund further innovation, research and development.
Altada, founded by Allan F. Beechinor and Niamh Parker in 2017, uses its AI platform to embed effective AI at the heart of organisations. Altada is a solutions provider for creating operational transformation through AI. The company's solutions reduce processing costs, create new levels of efficiency, and optimise existing resource allocation.
Altada has successfully driven its clients’ automation, data-driven decision making, enabled scale and has increased profitability through AI. The AI operational platform market is growing rapidly, with the global market projected to grow by €12bn by 2025, driven by a compounded growth of 32.9%.
Headquartered in Cork and with offices in Dublin and New York, Altada employs 50 people. It operates across four key sectors: financial services, healthcare, travel technology and security. Its customer base includes Rocktop Partners, Waterfall Asset Management, Wells Fargo, the NFL, the NBA, and the World Health Organisation. Altada also has multiple research and advisory partnerships including the Government of Ireland, Trinity College Dublin, Imperial College London and New York University.
Altada is currently assisting the Irish HSE via its COVID-19 taskforce by offering its expertise in operational AI to increase data efficiency. This initiative reflects the ethics and values of Altada, core to the company’s mission.
The company is planning a larger funding round in Q3 2021 / Q1 2022 in order to fund the expansion of the team, further research and development, and strategic acquisitions.
Elkstone Partners, a founder-led real estate business, with its own well known multi-family office has a strong pedigree of supporting disruptive and high growth Irish and international venture opportunities via its network of entrepreneurial and high net worth clients. To date, with their clients as co-investors, they have invested in over 60 early-stage portfolio companies including notable Irish successes such as Letsgetchecked, Kontainers, Soapbox Labs, Robotify and Evercam. Elkstone is delighted to now be invested with Altada too, which they noted as already delivering leading-edge highly valuable AI-assisted analytics along with material cost savings to a growing pedigree of global fintech and bio-related players.