Peak, the pioneer of the enterprise AI System, has announced a $12 million extended series A funding round led by existing investors MMC Ventures and Praetura Ventures.
This fresh investment brings Peak’s total amount of funding to $18.5 million. Peak will use the incoming capital to support its rapid growth and commercial expansion and to ramp up investment in R&D.
Peak is creating the global market for AI Systems with the goal of enabling mass adoption of AI solutions across industries.
The AI era is the fourth industrial revolution and according to market research firm IDC, spending on AI systems will reach $97.9 billion in 2023.
“AI is going to fundamentally change every business in every sector, globally,” said Richard Potter, CEO, and co-founder at Peak.
“It has the power to optimise entire business models, in real-time, and drive both growth and profitability. We believe that AI is so crucial to the future of the enterprise that it demands its own central business system. Just like every business needs an ERP or CRM system, every business now needs an AI System to compete in the modern era.”
Peak is a full-stack enterprise AI System that combines the required infrastructure, data processing, AI workflow and applications in a single SaaS product. Peak eliminates much of the complexity in enterprise AI rollouts, reducing the number of separate software applications required to deploy AI from seven to just one.
Organisations can rapidly deploy AI solutions using data sets from across the enterprise, while integrating those solutions into all other business systems to automate action and optimisation in real-time – delivering staggering returns.
“Having witnessed the impressive market traction and ongoing adoption of the Peak AI System we’re delighted to be further supporting the team on their journey,” said Oliver Richards, Partner at MMC Ventures.
“We have been particularly impressed by the real, tangible business outcomes being realised by Peak customers and the way in which Richard, Atul, and Dave are building a world class team.”
Mike Fletcher, Group CEO at Praetura Ventures added, “Richard and the team are spearheading the mass-market adoption of AI in the enterprise and have built an amazing customer roster of leading global brands.
“We’re delighted to be doubling down on our investment as Peak continues to pioneer the enterprise AI System category.”