MANCHESTER, United Kingdom, Aug. 31, 2021 (GLOBE NEWSWIRE) — Artificial Intelligence (AI) company Peak has raised a $75 million Series C funding round led by new investor SoftBank Vision Fund 2*, with participation from all existing investors, including MMC Ventures, Oxx, Praetura Ventures, Arete and Octopus Ventures. This brings Peak’s total funding raised to date to $119 million.
Peak’s software platform enables companies to embed AI into the core of their decision making and operations. This commercial application of AI to optimize business performance is known as Decision Intelligence; enabling companies to boost operational efficiency, grow revenues and profits. It is set to be the most important enterprise software category of the next decade.
By making AI accessible to more businesses, Peak has seen strong demand for its Decision Intelligence platform over the past 12 months, with revenues more than doubling thanks to new customer wins in Europe, the USA, Middle East, and India. With Peak, businesses are empowered to make great decisions with the help of AI across their sales, marketing, demand management, and supply chains, regardless of their AI maturity and capability.
Peak’s platform is used by retailers, CPG, direct-to-consumer and manufacturing businesses to drive transformational results, including examples such as a 5% increase in total company revenues, a doubling of return on advertising spend, a 12% reduction in inventory holdings and a 5% reduction in supply chain costs. These gains are adding millions to the top and bottom line of these companies. Customers include Nike, PepsiCo, KFC, PrettyLittleThing, Superdry and CJ Group.
This latest funding will fuel an ambitious global expansion, with new offices opening in both the USA and India, as well as increasing R&D investment in Peak’s Decision Intelligence software. As a result, Peak is planning to create more than 200 new jobs globally in the coming year.
Richard Potter, co-founder and CEO at Peak:
“We’re proud to be working with some of the biggest brands in the world. Modern businesses are complex and operate in an ever-changing world. It’s becoming impossible to run them without AI, which is enabling them to make consistently great decisions, faster and more accurately than ever before.
“No other software company offers a platform like Peak. We uniquely simplify the task of data scientists and engineers, who use Peak to rapidly create and deploy AI applications to business users. These applications empower day-to-day decision makers across businesses to achieve transformational gains.
“We’re delighted to welcome SoftBank as our new lead investor. The funding will help us empower many more businesses with Decision Intelligence over the coming years. It will further catalyze our growth and global expansion plans.”
Max Ohrstrand, Senior Investor for SoftBank Investment Advisers:
“In Peak we have a partner with a shared vision that the future enterprise will run on a centralized AI software platform capable of optimizing entire value chains. To realize this a new breed of platform is needed and we’re hugely impressed with what Richard and the excellent team have built at Peak. We’re delighted to be supporting them on their way to becoming the category-defining, global leader in Decision Intelligence.”
Peak is the pioneer of a new category of enterprise software, Decision Intelligence; the commercial application of AI to optimize business performance. Decision Intelligence allows companies to fulfill their potential, grow revenues and profits. Peak’s platform is used by leading brands across industries such as retail, CPG, direct-to-consumer, construction, and manufacturing. Peak’s customers include Nike, PepsiCo, KFC, PrettyLittleThing, Superdry and CJ Group.
Peak has been named a Gartner ‘Cool Vendor’ for AI in retail, and was also named in The 10 Best Technology Companies to Work for 2021 with the Best Companies 3-star ‘World Class’ accreditation, which recognises extraordinary levels of employee engagement. Peak is an Amazon Web Services (AWS) Retail Competency Partner and Machine Learning Competency Partner, and is ISO 27001 accredited.
*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 (“SVF 2”) in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.
Mica Hahn for Peak