Peak AI, a startup based out of Manchester has raised $75 million. The company is building a platform that can be used by businesses to build their own AI applications. Referred to as a ‘decision intelligence’ the platform will be particularly useful for non-tech companies that do not have internal expertise with AI.
Peak AI completed their series B round of funding in February of this year and has now completed series C. In series B the company raised $21 million from a group of investors that included: Arete, Oxx, Praetura Ventures, and MMC Ventures. This group of investors was joined by SoftBank Vision Fund 2 in the Series C round for an investment of $75 million. In total Peak AI has raised $119 million. This is a significant amount of growth for the company in a short period of time. Currently, Peak AI has decided not to disclose its valuation.
What does Peak AI’s digital intelligence platform do?
Peak AI’s digital intelligence platform can be used to improve processes that can use a degree of automation to work more efficiently. For example, it can be used by retailers to more effectively monitor their inventory and stock levels. Their current list of clients includes big brands like Nike, Pepsico, and KFC among others. According to Peak AI, artificial intelligence is an essential part of advanced IT applications and business processes. However, for non-tech companies, the only way to get access to AI tools is via third parties. These tools are not necessarily customized to suit the organization and come with a significant cost. Peak AI’s platform will help close this gap. The company claims that using its platform has resulted in a 5% increase in revenue on average for its clients. The ROI on ad spend has doubled, and the cost of inventory holdings has been reduced by 12%. Over the past year, Peak AI has seen its own revenues more than double.
It is important to note that Peak AI’s platform does not eliminate the need for coding. The platform has been built to be used by engineers and data scientists at non-tech companies. These people will be able to identify areas and processes that can benefit from AI. They will then be able to use Peak AI’s platforms to build the customized tools required without the need for full expertise or a lot of heavy lifting.
Artificial intelligence is changing the way businesses function. This new platform will make the technology more accessible to a larger pool of organizations. Subscribe to whitepapers.online for more of the latest AI and machine learning updates.
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