Peak, a software maker helping businesses use AI, has raised USD12 million in an 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 USD18 million. Peak will use the incoming capital to support its rapid growth and commercial expansion, and to ramp up investment in research and development.
Peak is marketing its AI Systems, a new category of enterprise software with the goal of enabling mass adoption of AI solutions across industries. The company says that the AI era is “the fourth industrial revolution”, and cites market research firm IDC’s forecast that spending on AI systems will reach USD97.9 billion in 2023.
“AI is going to fundamentally change every business in every sector, globally,” says Richard Potter, CEO, and co-founder at Peak. “It has the power to optimise 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 one 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.
“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 recognise the huge opportunity presented to them by AI and we’re proud that they’ve chosen to run on Peak to realise 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,” comments Oliver Richards, partner at MMC Ventures. “We have been particularly impressed by the real, tangible business outcomes being realised 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,” says Mike Fletcher, group CEO at Praetura Ventures.
