Peak reaches £5m funding to meet customer demand
Inteligent business system specialist Peak has been backed by a further £1.5m funding boost to help it meet market demand and accelerate its R&D efforts. Peak’s secured capital to date now stands at £5m and has allowed it to expand its operations, taking headcount from ten to 60 in the last two years with plans in place to increase its workforce to 100 in the next 12 months.
The company works across a number of sectors, including retail, media, automotive and industrial/manufacturing. It has been boosted by strong demand in these markets.
The Peak AI System sits at the heart of a business’ operations, acting as a centralised, intelligent business system that processes data from any source and enables them to become AI-driven.
The cloud-based system has already been adopted by a number of leading UK retailers to power automated predictions, decisions and actions to improve a business’ bottom line.
Peak’s investment funding to date has enabled the company to expand its operations, taking headcount from 10 to 60 in the last two years, with plans in place to increase this to 100 staff in the next 12 months. Recognised in the top 25 fastest growing tech companies in the North, Peak has successfully grown subscription revenues by over 300% year-on-year.
Co-founder and chief executive Richard Potter said: “The funds we’ve raised so far, including this extra capital, are helping us to meet the needs of our growing customer base, while further accelerating the delivery of our R&D roadmap as we invest more in operations and our team.
“There is huge appetite for artificial intelligence at the moment, particularly in retail. We’re seeing those companies using the technology growing 30 per cent faster than those who aren’t, which makes becoming AI-driven as a retailer absolutely essential.”
Keith Wallington, chairman of Peak, added: “The Peak team have a radical vision for how businesses should adopt AI, with their centralised AI System approach. After achieving spectacular initial results, Peak’s customers are rapidly plugging more and more of their business into the AI System.”