- Peak will use incoming capital to support its growth and commercial expansion and to boost up investment in R&D
- Peak also plans to grow its 120-person employee base spread across the United Kingdom and India
Enterprise software firm Peak received a $12 million extended Series A investment that will help businesses that intend to become artificial intelligence (AI)driven. Existing investors MMC Ventures and Praetura Ventures led the funding round. It had received its original Series A funding in September 2017.
Peak will use incoming capital to support its growth and commercial expansion and to boost up investment in R&D. This latest funding brings Peak’s total amount raised to $18.5 million as per the company.
Richard Potter, co-founder and CEO of Peak said that the company has got a really strong viewpoint on the market. It knows what it wants its product to do. He added that the company wants to do more and hence wants to do more long-term research. Potter added that the company also plans to establish a North American headquarters in Philadelphia. They were in the process of doing so before the travel ban associated with the COVID-19 pandemic occurred.
Reduce the need for teams of in-house data scientists, engineers, and operators
The company has a goal to help in the mass adoption of AI solutions across industries like retail, consumer packaged goods, direct-to-consumer, construction, and manufacturing companies. Potter said that AI systems are the most important new category in the world. He added the company hopes to be a global market leader in this category.
Potter also said that the company’s full-stack AI system combines infrastructure, data processing, AI workflow and applications into one software-as-a-service product. This enables Peak to deliver AI in just one software application and reduces the need for teams of in-house data scientists, engineers, and operators. Peak also plans to grow its 120-person employee base spread across the United Kingdom and India as per Potter.