In terms of value, the insolvent Cork artificial intelligence firm was described as a "melting ice cube"; without a quick sale staff will leave and there will be nothing left. But a liquidation report has raised "weighty" concerns about the company's borrowings and spending.
The buyer of loans owed by the Cork artificial intelligence start-up in receivership has a long history with the company. The move comes as bidders express interest in acquiring the business.
Just a few months after lending debt finance to Altada, a group of Irish investors have appointed a receiver to the firm. How its founders will respond remains unclear.
The Cork-based AI start-up has admitted to funding difficulties leading to staff lay-offs in recent weeks. But it is only revealing now that the investor who rescued the company from insolvency resigned as director three months ago.
To exit a 2019 examinership, cash-strapped Altada agreed to replace its co-founder Allan Beechinor with new shareholders and directors three years ago. Within months, he returned - here is how it happened.
Altada’s Allan Beechinor and Niamh Parker address the controversies and the future of the hotly tipped artificial intelligence start-up. But what is really going on?
The AI data firm has had to furlough employees after failing to raise a series A round earlier this year. It is now working on an alternative funding plan.
Altada has survived insolvency and a shareholder battle. Just. There has been a great cost to the three founders, who have been wiped out in the examinership. Now, however, the Cork based tech start-up has a new champion.
Altada was heralded by global research firm Gartner. IBM liked its product. But a courtroom battle between its founders took the company into examinership.
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