Altada chiefs rejected new funding deal that would require them to step back
The celebrated Cork-based AI company says it is seeking bridging finance while it waits for fresh funding, as insiders reveal details of heavy spending, pay roll issues and multiple angry, unpaid creditors
When Niamh Parker, the co-chief executive of Altada, informed staff late last month that they were being furloughed due to financial issues at the AI company, she revealed that the firm had received a new offer of funding.
However, Parker also told employees that the term sheets offered to her and Allan Beechinor were not acceptable, as they would have required the husband and wife team to stop running the company.
“We are trying to find another solution that doesn’t remove us as your leaders, because we believe that we have created something amazing together,” Parker said at the meeting, a recording of which was shared with the Business Post last week.