Peak, a Manchester startup on a mission to make AI available (and usable) to all businesses, has raised $21 million in Series B funding to fuel further global expansion, namely to open offices in the US and India.
The round was led by venture capital firm Oxx, with participation from existing investors MMC Ventures and Praetura Ventures, as well as new investor Arete. This brings Peak’s total funding raised to date to $43 million.
Peak calls its commercially applied AI “decision intelligence”. Customers report results such as a 5 percent increase in total company revenues, a doubling of return on advertising spend, a 12 percent reduction in inventory holdings, and a 5 percent reduction in supply chain costs.
Founded in 2014, the UK company reports faster growth in 2020, as many tech startups have, as nearly all industries are pushed into digital transformation.
“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,” commented Richard Anton, General Partner at Oxx. He will join the startup’s board.
In the coming year, the company will invest in R&D and create about 130 jobs.