[September 2017]
MMC backs data analytics business Peak with £2.5m investment
Peak has announced their £2.5m series A funding round led by MMC Ventures, bringing the total amount raised by the company so far to £3.5m.
Peak’s Data Analytics-as-a-Service model helps companies of all sizes use data, machine learning and AI technologies to drive growth. This latest injection of capital will be used to will fund the company’s ongoing investment in machine learning and AI technologies and further accelerate sales growth.
Peak was founded by Richard Potter, Atul Sharma and David Leitch and has attracted big name companies including The Economist, Morrisons and AstraZeneca, as well as SMEs and technology businesses such as Regit.
“We have seen incredible traction since launching our service in 2016,” said Richard Potter, co-founder and CEO of Peak. “Our subscription revenues are growing in-line with the fastest growing global tech businesses, which demonstrates just how strong the demand for machine learning and AI technologies is in businesses across the spectrum.
“In that time, we have built an amazing data science and engineering capability, while delivering some incredible results for our customers. This round of funding will enable us to further develop both our technology and our team, while accelerating our commercial growth.”
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.”
Richard Hall, CloudOrigin CEO, who led the Technology and Operational Due Diligence on behalf of our regular client MMC Ventures, commented:
“CloudOrigin is delighted to see a Manchester based firm with a pioneering spirit in Machine Learning and data analytics develop a world-class technology platform to make business insights accessible to the broadest possible market”
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