Irish AI start-up Altada sued in US over claim it accessed company’s trade secrets & More Latest News Here – Up Jobs

A subsidiary of Rocktop had previously worked with OpticsML to develop an AI platform for analysing data in mortgage portfolios as part of due diligence procedures. This agreement was terminated in 2019.

Later Rocktop enlisted Altada to build an AI platform, it said. OpticsML claims that its trade secrets were used by Rocktop in this engagement with the Irish company.

Altada co-founder Niamh Parker said that it had not been served with any proceedings and rejected the claims made.

“There is no valid claim against us regarding our valuable AI Document Intelligence product or our intellectual property,” she said.

She added that Altada filed three patent applications for its tech in the US earlier this year and had recently licensed it for a “seven-figure sum to a US client”.

OpticsML’s complaint was filed in July in a court in Texas. The company has also filed a separate lawsuit against the Rocktop subsidiary, Ascension, that it dealt with.

Rocktop Partners did not respond to a request for comment.

OpticsML is seeking compensatory damages and injunctive relief to prevent its trade secrets being used again.

OpticsML’s relationship with Rocktop and Ascension was also the subject of a Federal Trade Commission investigation that was settled in January of this year. OpticsML was found to have left sensitive mortgage information in an exposed database online. The incident was discovered in 2019, the same year Rocktop ended its engagement with the company.

The lawyer representing OpticsML did not respond to a request for comment.

Altada raised $11.5m (€11.1m) last year in a funding round led by Rocktop Partners. Last week the Business Post reported that Altada was experiencing financing troubles. The company rebuffed the report and said it was “wholly unsubstantiated and false”.

The company recently laid off staff at its US operations and temporarily laid off some Irish employees.