Data analytics company Peak has netted £2.5m in its Series A financing round led by MMC Ventures.
Peak’s platform analyses information from data, machine learning and AI technologies to help company’s boost growth. The subscription-based offering helps combine the analytics services of unifying, processing, modelling and extracting insight.
Based in Manchester, the company can help with customer acquisition, retention and customer behaviour data, predictive analytics, pricing and sentiment analysis, supply chain risk monitoring and inventory, asset, facilities and logistics optimisation.
Peak has been used by companies including The Economist, Morrisons, AstraZeneca and Regit, which has grown its revenue by 27 per cent through the adoption of the platform, according to Peak.
This latest funding will be used to aid Peak’s investment in machine learning and AI technologies and further accelerate its sales growth.
MMC Ventures managing partner Jon Coker 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.â€
Total funding raised by Peak has now reached £3.5m, with the company having a seeding round last year led by Manchester-based Praetura Capital. The seed round equity was used to commercialise Peak’s analytics offering, as well as expanding operations, increasing its team and opening deployment centres in the UK and India.
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