If experts are to be believed, one of the definitions of AI is that — it is a collective term for computer systems that can sense their environment, think, learn, and take action in response to what they are sensing and their objectives. This makes it a powerful tool, which, when used the right way can radicalise decision making and completely changes the way we do business.
Peak, a Manchester-based AI company, does something similar and has just raised $21 million (approx £15 million) in a Series B funding. The investment round was led by London-based VC firm Oxx. Other investors including, MMC Ventures, Praetura Ventures, and new investor Arete also participated in the round.
This funding brings the UK company’s total funding to $43 million (approx £31 million) to date.
How will the funding be used?
The latest funding will be used to fuel 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.
Also, the company 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.
Pioneering ‘Decision Intelligence’ software
Founded by Atul Sharma, David Leitch, and Richard Potter, Peak’s ‘Decision Intelligence’ software enables companies across sectors including retail, consumer goods, and manufacturing to embed AI into the core of their decision-making and operations.
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The British company has seen rapid growth over the past 12 months with revenues doubling, as a result of new customer wins in Europe, the USA, Middle East, and India.
Peak’s customers have seen transformational results, including a 5% increase in total company revenues, a doubling of return on advertising spend, a 12% reduction in inventory holdings, and a 5% reduction in supply chain costs.
Richard Potter, co-founder, and CEO at Peak says, “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. We’re delighted to have secured this new funding in an oversubscribed round. The financing and Oxx’s support will further catalyse our growth and expansion plans, and will help us empower many more businesses worldwide with Decision Intelligence over the coming years.”
Richard Anton, General Partner at Oxx, says, “Richard and the excellent Peak team have a compelling vision to optimize entire businesses through Decision Intelligence and they’re delivering real-world benefits to a raft of household name customers already. 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. We are delighted to support Peak on their way to becoming the category-defining global leader in Decision Intelligence.”
Ollie Richards, Partner at MMC Ventures, says, “The opportunity for Peak to lead the Decision Intelligence category cannot be overstated. It has been a privilege to support the team and work with Richard over the last few years, and the company continues to generate impressive growth metrics, fantastic customer adoption while building out a world-class team.”