Peak’s AI expertise ‘set to attract up to $50m of new investment’

Peak, the Manchester-based artificial intelligence (AI) specialist, is to receive a funding fillip of around $50m, it has been reported.

Softbank, the world’s largest technology investor, will use its Vision Fund II to invest in Peak’s technology which aids corporate decision-making, according to Sky News.

Peak, which works across a number of sectors, most notably retail, media, automotive and industrial/manufacturing, boasts PepsiCo and fashion retailer PrettyLittleThing among its clients.

Sources claim Softbank will receive a “meaningful stake” in Peak for its investment.

Six months ago Peak closed a $21m Series B funding round led by venture capital firm Oxx.

Founded in 2014, Peak secured £2.5m in Series A funding in a round led by London-based venture capital firm, MMC Ventures in September 2017, just over a year after it received seed investment led by Manchester-based Praetura Capital.

These funds were used to commercialise Peak’s data analytics-as-a-service offering and to expand its operations, growing the internal team and opening development centres in both Manchester, and Jaipur, India.

In September, 2018, private equity firm NorthEdge announced it had teamed up with Peak to develop a first-of-its-kind platform set to revolutionise deal origination in the private equity sector through the power of AI.

Richard Potter, co-founder and chief executive of Peak, said at the time: “There are so many facts to validate that AI-powered businesses are excelling away from the pack, and the use of AI for deal origination at NorthEdge is an extremely exciting example of that.

“The results we have seen to-date have the potential to transform the private equity industry as we know it and we’re looking forward to watching this develop in the coming months.”

Softbank’s investment in Peak follows the Vision Fund’s recent investment in digital bank Revolut, making it Britain’s most valuable tech business.