The manchester-based artificial intelligence startup company, Peak AI, successfully raises $21 million in its Series B funding round. According to Venture Beat, the additional investment brings the company’s total amount raised to $43 million. However, it still has not disclosed its valuation to the public.
The Series B investment round was led by Oxx. Other investors also participated in the said funding round, including past investors such as MMC Ventures and Praetura Ventures, notes Tech Crunch. In addition, Peak AI has seen the support of a new investor in Arete.
As part of the deal, Richard Anton from Oxx will be joining Peak AI’s board of majors.
Founded in 2014 by Richard Potter, David Leitch, and Atul Sharma, Peak is a UK-based startup firm that specializes in developing artificial intelligence solutions for businesses. Its technology reportedly helps enterprises in making informed evaluations and decisions with its artificial intelligence systems.
Based on the article released by Venture Beat, its subscription-based software-as-a-service (SaaS) aims to streamline an enterprise’s operations, data processing, infrastructure, and applications.
Called Decision Intelligence, this software allows companies all over the globe and across varying sectors to use and place artificial intelligence within business operations, allowing them to become more adept in dealing with various business factors.
Among the changes reportedly seen by Peak customers include an increase in company revenues, as well as a reduction in inventory holdings and supply chain costs.
In its press release, Potter also said that “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… Our software empowers day-to-day decision-makers across businesses.”
Following the funding injection, Peak’s chief executive officer and co-founder, Richard Potter, intends to allocate the funds towards expanding the company’s reach and increasing its customer base throughout the world, reports Tech Crunch.
In particular, it intends to add offices both in the United States and in India. As of writing, Tech Crunch notes the startup boasts of an impressive list of clientele, including the likes of KFC, PepsiCo, Marshalls, PrettyLittleThing, and Speedy Hire.
Apart from this, Peak AI’s plans also include investing more into its research and development arm, with a particular focus on the Decision Intelligence software. Peak AI also intends to complement its expansion plans by creating approximately 130 positions in its global offices in the coming year.