Data analytics business, Peak, announces £2.5m investment with MMC Ventures
Data analytics business, Peak, helps businesses use AI technologies to grow revenues and profits through subscription-based service. Peak’s model helps companies of all sizes use data, machine learning and AI technologies to drive growth.
This latest funding round comes just over a year after Peak secured seed investment led by Manchester-based Praetura Capital. These funds were used to commercialise Peak’s data analytics-as-a-service offering and to expand its operations; growing the internal team and opening development centres in both Manchester, UK, and Jaipur, India.
This latest injection of capital, brings the total amount raised by the company so far to £3.5m. It will be used to will fund the company’s ongoing investment in machine learning and AI technologies, and further accelerate sales growth.
Peak has attracted big name companies including The Economist, Morrisons and AstraZeneca, as well as SMEs and technology businesses such as Regit - enabling the latter to grow revenues by 27% through the adoption of predictive analytics. As a result, Peak has seen a sharp increase in demand for its service.
Commenting on the investment in Peak, Jon Coker, managing partner at MMC Ventures, said:
“We believe that intelligent use of data will unlock huge value for companies over the next few years, and AI will be at the core of that value release. But AI is a noisy space and cutting through that noise to find providers who can really deliver measurable value for their customers is hard. That is what Peak's platform does, and we are excited to be backing Richard, Atul and Dave's vision for the future.”
We are also pleased to be adding to our portfolio of investments in Manchester companies, including TyresOnTheDrive, SafeGuard and Interactive Investor.”
For more insights on this deal from MMC, read Managing Partner Jon Coker’s blog on “MMC’s investment in Peak“.