Manchester-based data analytics start-up Peak raises £2.5m to further develop AI
Offering data analytics-as-a-service for businesses, Peak has raised £3.5m to date - and has opened a development centre in Jaipur, India
Peak, a Manchester-based start-up that sells data analytics-as-a-service to businesses, has raised £2.5m in its latest funding round.
Taking its total funding to £3.5m, London-based venture capital firm MMC Ventures is the main provider of the latest injection of capital, which will allow Peak to continue to help companies of all sizes use data, machine learning and AI technologies to drive growth.
Founded in November 2014 by Atul Sharma, Richard Potter and David Leitch “over a couple of beers”, the trio had become frustrated with the fragmentation of data services in the market and the associated costs.
Setting out to create a platform that combined all the required data analytics services (unifying, processing, modelling and extracting insight) to help businesses grow, its service is available via a subscription.
Following a year of rapid growth, the company was recognised by Tech North as one of the ‘top tech start-ups in the UK’ through winning the Northern Stars competition in 2015.
Counting the likes of Morrisons, AstraZeneca and The Economist among its clients, the start-up has also opened a development centre in Jaipur, India.
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“We have seen incredible traction since launching our service in 2016.
“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.”
Mike Fletcher, chairman of Peak and managing partner of Praetura Capital, said:
“We took our time to assess the best funding route for the next stage of our growth. We wanted an investor with an understanding of B2B SaaS companies and how to scale them globally, as well as having an appreciation for the nascent machine learning and AI sector.
“In MMC Ventures we believe we have found the perfect partner and we’re delighted to welcome them into the company.”