AI company Peak raised a $21 million Series B funding round led by venture capital firm Oxx, along with participation from existing investors MMC Ventures and Praetura Ventures, and new investor Arete. With this, the total funding raised by the company to date becomes $43 million.
AI adoption in Indian businesses had a massive boost in 2020 as companies looked for new methods to increase sales and maximize profits to keep up with evolving consumer demands, the current e-commerce boom, and the COVID pandemic.
The company’s software helps companies across various sectors including retail, consumer goods, and manufacturing to establish AI into the heart of their decision-making and operations. This commercial application of AI to enhance business performance is something Peak calls Decision Intelligence. The company’s revenue has doubled over the last 12 months thanks to new customer acquisitions in Europe, the USA, Middle East, and India.
Peak’s Decision Intelligence software enables a larger range of companies to access these supercharged technologies that were earlier only accessible to a select few, such as Google, Amazon, and Netflix. With Peak, businesses of all sizes are enabled to make great decisions with the help of AI across their sales, marketing, demand management, and supply chains.
This recently acquired funding will power a global expansion to meet strong demand, with new offices opening in both the USA and India (Pune), as well as continued R&D investment in Peak’s Decision Intelligence software. Therefore, Peak is looking to create 130 new jobs globally in the upcoming year, with a third of new hires taking place in India.
Atul Sharma, co-founder and CTO at Peak said, “This new funding round will further fuel our growth trajectory in India and accelerate our plans to expand our India team across Jaipur and Pune. Peak’s Decision Intelligence software rapidly deploys AI solutions to help businesses harness the true potential of their data, thanks to its unique full-stack features. Peak’s software makes it incredibly straightforward for Data Scientists and Engineers to rapidly train and configure sophisticated AI and machine learning models, using a range of in-built tools. We have ambitious growth plans to expand our teams in India and we’re looking for great talent across our Jaipur and Pune offices to work with – there’s never been a better or more exciting time to join Peak ”
Richard Potter, co-founder and CEO at Peak added, “It’s becoming impossible to run a business without AI. Modern businesses are complex and operate in an ever-changing world. Making critical decisions without AI would be like driving a Formula 1 car while wearing a blindfold. AI enables businesses to make consistently great decisions, faster and more accurately than ever before. Yet until recently, this power was only in the hands of a select few. Our software empowers day-to-day decision-makers across businesses, and we’re proud to be working with household names such as PrettyLittleThing, KFC, and PepsiCo. We’re delighted to have secured this new funding in an oversubscribed round. The financing will further catalyze our growth and expansion plans internationally and across India.”
The world is moving towards AI and digital transformation and with the latest funding and constant growth, Peak will lead the industry.Shishir Gupta, Founder and CEO, StartupLanes
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