MANCHESTER, England, April 23, 2020 /PRNewswire/ -- Peak, the pioneer of the enterprise AI System, today 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, a new category of enterprise software, 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 optimize 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. With this approach, 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. This also removes, or greatly reduces, the need to build in-house teams of data scientists, data engineers and AIOps. Companies adopting Peak can become AI-driven in a matter of weeks, not years.
Using Peak, organizations can now rapidly deploy AI solutions using data sets from across the enterprise, while integrating those solutions into all other business systems to automate action and optimization in real-time – delivering staggering returns.
"AI must be at the heart of any company's operating model going forward, it's their competitive lifeblood," added Potter. "We're seeing strong adoption of our AI System across multiple verticals and a growing number of the world's top global brands are now users of Peak. These are all forward-thinking businesses that recognize the huge opportunity presented to them by AI and we're proud that they've chosen to run on Peak to realize that potential."
"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 realized by Peak customers and the way in which Richard, Atul, and Dave are building a world class team."
"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," said Mike Fletcher, Group CEO at Praetura Ventures.
Peak exists to help businesses make the leap to becoming an AI company, with enterprise businesses across retail, e-commerce, CPG and manufacturing adopting its product throughout their value chains.
Peak is used by leading brands across most industries including retail, CPG, direct-to-consumer, construction, and supply chain management. Its customers include the likes of PepsiCo, ASOS and boohoo Group. Notable AI-powered results achieved by Peak for its customers include delivering a 28% uplift in marketing revenues, a 4x increase in return in capital employed, and a 147 tonne reduction in CO2 emissions through optimized logistics and resource planning. Peak was also recently named as one of the top 100 companies to work for in the UK by The Sunday Times. Peak is an AWS Retail Competency Partner and a Machine Learning Competency Partner.