Private equity firm MMC Ventures has invested £2.5 million in data analytics business Peak.
Peak was founded in 2014 by Richard Potter, Atul Sharma and David Leitch and is based in Manchester. It launched its data analytics-as-a-service model in 2016 which helps companies of all sizes use data, machine learning and Artificial Intelligence technologies to drive growth.
Its customers include The Economist, Morrisons and AstraZeneca, as well as SMEs and technology businesses such as Regit.
The investment from MMC will be used to fund the company’s ongoing investment in machine learning and AI technologies and further accelerate sales growth.
Richard Potter, co-founder and CEO of Peak, said: “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.”
Jon Coker, managing partner at MMC Ventures, added: “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.”