Manchester, UK-based AI startup Peak has raised a $12 million Series A from MMC Ventures and Praetura Ventures.
Peak, founded in 2014, brings together components across enterprise AI into a single SaaS product for clients including PepsiCo and ASOS. The latest round of funding brings the company’s total raise to $18.5 million.
“Making the leap to being an AI company is imperative for every company and that need has been accelerated by the current global situation,” Richard Potter, CEO and cofounder at Peak, told Business Insider in an interview. “Companies will need to be more efficient, do more with less, and there is increasing complexity to deal with too.”
Peak claims its customers can see major uplifts by using its AI tech. They include delivering a 28% uplift in marketing revenues, a four-fold increase in return in capital employed, and a 147-tonne reduction in CO2 emissions through optimized logistics and resource planning. The startup aims to reduce the complexity that usually arises with rolling out enterprise AI, removes the need to build in-house teams of data scientists, data engineers, and AIOps (AI in IT operations).
The funding serves as an extension of the company’s Series A round and was suggested by investors in November 2019 before closing at the start of 2020, prior to the coronavirus outbreak.
Potter said the timing of the deal was “more by accident than design,” but added that the funding round allowed the business to capitalize on the increased need from customers to scale their AI investments.
“Businesses are calling us to be ready to help them be ready for the end of the downturn,” Potter added. “Being able to grow and invest during a downturn is essential for every company and we are chuffed to be in a strong position to do that with our funding round.”
Check out Peak’s redacted pitch deck below: