Tech

Altada’s unicorn bid in question as AI firm faces ‘significant financial challenges’

The Cork-based AI firm, which expected to be valued at $1 billion this year, is struggling to pay wages and other outgoings

Niamh Parker and Allan Beechinor: internal emails and insiders have revealed the struggles facing Cork-based company Altada

Altada, the Cork-based tech company that expected to be valued at $1 billion this year, has furloughed a number of its employees, with the founders admitting that the firm is “at a turning point” and facing “significant financial challenges”, the Business Post can reveal.

Several people with knowledge of the company, who spoke on condition of anonymity, have claimed that Altada has spent much of the $11.5 million it secured in investment last autumn, with ...