Posted on August 13, 2022
Cork-based AI startup Altada says it has laid off US staff and furloughed Irish employees as it seeks bridging finance to “stabilise” the firm.
The company, co-founded by husband and wife entrepreneurs Allan Beechinor and Niamh Parker, says that “market conditions” now mean a delay in a planned Series A funding round, which the founders had hoped would raise between €50m and €100m.
Last year, it raised €11.5m from venture capital firms Elkstone and Rocktop Partners, with Enterprise Ireland also contributing.
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