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Thursday 18 February 2021

Peak AI raises $21m

PeakManchester-based “general” AI company Peak has raised $21m in Series B funding led by Oxx, with participation from existing investors MMC Ventures and Praetura Ventures, and new investor Arete. This brings funding raised to date by the Amazon Web Services partner up to $43m (previous round is covered here).

Peak’s proposition it to channel its AI to help firms make data-driven decisions in the fields of sales and marketing, demand and supply chain management. In practical terms, this means providing AI as a business service (Via a SaaS product) that helps clients answer day-to-day operational questions such as how much of a product to produce and where to distribute it or how to better manage stock or when to increase/decrease headcount in a warehouse. Peak has gone onto sign up a variety of household names in the consumer, retail and manufacturing industries including the likes of PrettyLittleThing, KFC, and PepsiCo

Peak’s attraction is that it is putting the power of AI and data-driven decision making in the hands of the business user in ways that make a practical day to day difference to operations in a small number of focused industries. Originally set up in 2014 the firm has already grown to over 100 people and will use the funding to ramp up international operations, particularly in the US and India.

Posted by: Marc Hardwick at 08:19

Tags: funding   retail   AI   supplychain  

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