Altada Update

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Altada Update

Founded in 2017 in Ireland, Altada is a global Artificial Intelligence firm with clients in financial services, among other sectors. At the core of its corporate DNA is the ethical and responsible use of AI, manifested through its privacy-by-design principle that safeguards personal information.

Altada is an intellectual property rich company with large, diverse, highly skilled and talented data science and software teams. Those in-house teams have created a range of valuable intellectual property assets such as artificial intelligence engines and inventions, trade secrets, methods, processes and procedures, all of which are the creation of and owned by Altada. We filed three US patent applications on 29 March 2022 under the Track 1 expedited filing procedure. The patents 1 protect the core intellectual property of Altada’s Document Intelligence Solution. In just 4 short months one of these patents has already been allowed to grant and the other two are making their way through the examination procedure ensuring we are well on track to meet our registration targets for Q1 2023. The significant value of this proprietary patent protected technology has already been proved in the market. We recently licensed it for a seven figure sum. Going forward, this level of patent cover will augment Altada’s existing strong market position and provide it with a significant platform to further grow, exploit and defend its technology in its key markets. We are proud of our team for our achievements in such a short time and the global recognition of our brand ‘AI Possible’ and #TeamAlt.

Due to unforeseen market conditions affecting our clients and consequently us having to move our planned Series A round to later in the year, we were forced to let go our U.S based team and implement a temporary ‘Lay off’ for a number of Irish employees. We realise that this is a very challenging time for our incredible employees. This is a temporary situation and we are working on funding solutions that will bring our full team back within six weeks. We thank you all for your hard work and contribution to Altada’s success.

This bridging round will enable us to deliver on 2022 projects in Financial Services and also expand into other Use Cases such as climate change, security and travel, including Human Trafficking solutions. It will also enable us to work with our creditors who have been supporting us through this very difficult time.

Altada and Tangent, Trinity College Dublin’s ideas workspace, together founded an AI accelerator program in Ireland called Alsessor, where they mentor early-stage AI companies. Empeal was the first company to win Alsessor receiving an investment of €250,000.

The Founders and the management team are confident for the future of Altada. We are working closely with our shareholders and advisors to secure funding and stabilise the company.

  1. USPTO App No 17/708,370 (Method for identifying entity data in a data set); USPTO App No 17/708,401 (Method for training a natural language processing model); and USPTO App No 17/708,451 (Method for identifying a data segment in a data set).

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