Manchester-based DaaS firm Peak has raised a £2.5m Series A led by MMC Ventures.
The firm, which leverages AI to help companies make better use of data, previously raised a Seed round led by Praetura Capital.
Peak, which also has an office in India, has now raised £3.5m in total and says it will use the new cash injection to continue investing in its proprietary AI and further accelerate its sales growth.
Co-founded by Richard Potter, Atul Sharma and David Leitch after they became frustrated with the fragmentation of data services in the market, Peak claims to have worked with clients including The Economist, Morrisons and AstraZeneca.
“We have seen incredible traction since launching our service in 2016,” said Potter, co-founder and CEO. “Our subscription revenues are growing in-line with the fastest growing global tech businesses, which demonstrates just how strong the demand for machine learning and AI technologies is in businesses across the spectrum.
“In that time, we have built an amazing data science and engineering capability, while delivering some incredible results for our customers. This round of funding will enable us to further develop both our technology and our team, while accelerating our commercial growth.”
Meet the 7 UK tech startups joining Facebook’s LDN_LAB
Speaking about his decision to back Peak, Jon Coker, managing partner at MMC Ventures, commented: “We believe that intelligent use of data will unlock huge value for companies over the next few years, and AI will be at the core of that value release.
“But AI is a noisy space and cutting through that noise to find providers who can really deliver measurable value for their customers is hard. That is what Peak’s platform does, and we are excited to be backing Richard, Atul and Dave’s vision for the future.”
For more UK tech investment news, check out our investments deal tracker.