Altada files for three fast-track US patents

Allan Beechinor, CEO and Niamh Parker, Co-Founder of Altada who won the Large Company category at the Cork Company of The Year Awards in Páirc Uí Chaoimh. Photo Darragh Kane

Cork artificial intelligence firm Altada has filed three fast-track patent applications in the US to protect what it says is core intellectual property.

Fresh from the company's win at the Cork Chamber Company of the Year Awards, Altada said the technology addresses a key issue with existing computer vision and process automation technologies.

Allan Beechinor and Niamh Parker's firm helps companies worldwide make sense of the data they hold by scanning documents to provide key information and analytics across the financial services, travel/security and healthcare sectors.

The patent applications include a computer-implemented method, a data processing system, and a computer program product for training a natural language processing model to identify entity data in a data set. Altada said the current solutions do not allow for the review of complex, data-rich electronic documents that incorporate text, tables and images, such as documents found in the financial, medical and legal sectors.

"These patent applications are significant because they demonstrate to the market and our customers how confident we are in our unique and innovative AI technology,” Altada Allan Beechinor, CEO of Altada.

"[They] will further extend our leadership and maturity in markets such as non-performing loans. We know what it takes to deploy and scale AI with confidence in complex sectors like finance, and we have the technology, teams and IP portfolio to drive high-value outcomes for our customers across their business.”

Founded five years ago, Altada now operates 13 offices across Europe, the US and Asia, including its headquarters in Cork and in Dublin, Malta, London, Miami, West Palm Beach, Austin, New York, San Francisco, Delhi and Singapore. Privately-held, the firm is backed by venture investment from Rocktop Partners, Elkstone Partners and Enterprise Ireland.