AI company Peak raises $21m to fuel global expansion
AI company Peak has raised $21million in a Series B funding round, bringing its total funding to date to $43m.
The round was led by venture capital firm Oxx, with participation from existing investors MMC Ventures and Praetura Ventures, and new investor Arete.
Peak’s software enables companies across sectors including retail, consumer goods and manufacturing to embed AI into the core of their decision making and operations.
The Manchester-based company has seen rapid growth over the past 12 months with revenues doubling thanks to new customer wins in Europe, the USA, Middle East, and India.
It was founded in 2014 by Richard Potter, David Leitch and Atul Sharma and has additional offices in Jaipur and Edinburgh.
Peak says that AI adoption in businesses saw a "rapid acceleration" in 2020 as companies looked for new ways to boost sales and maximize profits.
The latest funding will fuel an "ambitious" global expansion to meet strong demand, with new offices opening in both the USA and India, as well as continued R&D investment in Peak’s Decision Intelligence software.
As a result, Peak is planning to create 130 new jobs globally in the coming year. As part of the round, Oxx's Richard Anton also joins the board.
Richard Potter, co-founder and CEO, said: “It’s becoming impossible to run a business without AI. Modern businesses are complex and operate in an ever-changing world. Making critical decisions without AI would be like driving a Formula 1 car while wearing a blindfold.
"AI enables businesses to make consistently great decisions, faster and more accurately than ever before. Yet until recently this power was only in the hands of a select few. Our software empowers day-to-day decision makers across businesses, and we’re proud to be working with household names such as PrettyLittleThing, KFC, and PepsiCo, and other industry leaders like Marshalls and Speedy Hire."
Richard Anton, General Partner at Oxx, added: "The pandemic has meant digitization is no longer a choice; it’s a requirement. Peak has made it easier for businesses to get started and see rapid results from AI-enabled decision making."