Business : Peak secures $75 mn in SoftBank-led Series C funding

Insight Online News

New Delhi, Sep 1 : Artificial Intelligence (AI) company Peak has raised $75 million in its Series C funding round led by SoftBank Vision Fund 2, with participation from all existing investors, including MMC Ventures, Oxx, Praetura Ventures, Arete and Octopus Ventures.

This brings Peak’s total funding raised to date to $119 million, said a company statement.

Peak’s software platform enables companies to embed AI into the core of their decision making and operations. This commercial application of AI to optimise business performance is known as Decision Intelligence, enabling companies to boost operational efficiency, grow revenues and profits, it said.

The latest funding will fuel an ambitious global expansion, with new offices opening in both the US and India, as well as increasing R&D investment in Peak’s Decision Intelligence software. As a result, Peak is planning to create more than 200 new jobs globally in the coming year.

Richard Potter, co-founder and CEO at Peak said: “We’re delighted to welcome SoftBank as our new lead investor. The funding will help us empower many more businesses with Decision Intelligence over the coming years. It will further catalyze our growth and global expansion plans.”

Atul Sharma, co-founder and CTO at Peak said the company will use the capital to deepen our tech expertise in product development, in building out our platform and strengthen teams across functions to deliver more features and functionality at pace.

“We have plans to more than double our product, engineering and data science talent capability in our Jaipur and Pune clubhouses in the next 6 months. Moreover, we will be focusing on developing a world-class clubhouse and training facility for our teams,” Sharma added.

IANS / AGENCY

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