"There is huge appetite for artificial intelligence at the moment, particularly in retail. Were seeing those companies using the technology growing 30 per cent faster than those who aren't."
Richard Potter, co-founder and CEO of Peak
Artificial intelligence (AI) firm Peak has extended its funding by a further £1.5 million to meet market demand and accelerate its R&D roadmap, taking the total raised by the company to £5 million ($7 million).
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.
Peak works across a number of sectors, most notably retail, media, automotive and industrial / manufacturing. The company has seen strong demand in these markets for its recently launched AI System, which gives businesses the technology and skills to grow revenues and profits.
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.
Richard Potter, co-founder and CEO of Peak explained:
“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.
“However, almost every company needs help to embed AI in their business. That’s why we’ve developed the AI System and it’s attracting a lot of interest - and the speed at which it can be deployed and the huge ROI it is generating for our customers is compelling.”
Keith Wallington, chairman of Peak added: “AI is now set to become core to every enterprise. For AI to have maximum impact, businesses need to prioritise putting it at the core of their technology stack.
“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.”
For more information on Peak’s AI System, visit: www.peak.ai