Announcing our $21m Series B funding roundBy Richard Potter on February 17, 2021
We’ve raised $21 million in Series B funding to help us make Decision Intelligence a reality for more businesses around the world.
We have something exciting to share today – we’ve raised $21 million in our Series B funding round.
Oxx led our Series B round, with all our existing investors participating. This brings our total funding to $43m since our seed funding in 2016. We’re also welcoming Oxx General Partner Richard Anton to Peak’s Board of Directors. This is a significant milestone for our team and our company. Here’s what we’re planning next.
Decision Intelligence is really here.
Decision Intelligence is the commercial application of AI to grow great businesses. This is because, at its heart, AI is a technology that helps make decisions. In the case of running a business that means consistently great, highly optimised commercial decisions that can be made instantly, continuously and handle complexity beyond that of human cognition. Businesses who are harnessing this capability are growing faster, with higher margins, than their competitors. In business, who wouldn’t want to do that?
For this reason, more and more businesses are choosing Peak to make their Decision Intelligence future a reality, today. Industry leaders across retail, consumer goods and manufacturing, as well as some of the world’s most famous brands, are all trusting Peak’s Decision Intelligence system, CODI, to make decisions with them. In fact, CODI is processing 570TB of data, making 200,000,000 predictions and 2,600,000 automated decisions for our customers every single day. It is hooked into data sources across these businesses to help support a connected Decision Intelligence capability that no software product has ever enabled before.
Decision Intelligence is, therefore, really here. We’ve even made a little video to celebrate 😎
Our next chapter
Our mission as a business has always been to help our customers do great things with data, while building a company that everyone loves being part of. And by everyone we mean our team, our customers, advisors, investors and everyone connected with our company.
With this new funding and our continued growth as a business, we’re starting a new stage in our journey. We have all the foundations in place to make our own significant dent in the world; by helping our customers change the way they work and by building a tech company of the future ourselves. Our next stage will focus on our product, going global and continued growth of our team and culture.
1. Building an era-defining product
With more and more businesses running on CODI we are beginning to see in sharp focus the incredible power it brings. CODI embraces the uniqueness of every business. It amplifies this uniqueness as competitive advantage in the form of a unique AI created for each company that runs on it. Because of this, the possibilities for CODI are endless and our roadmaps are focused on continually adding value for the companies that trust it to be a core part of how they work.
We’re planning to add more capability and features into CODI’s application stacks. We want these applications to be the way businesses gain commercial advantage from running on CODI. We are also making heavy investments in CODI’s platform capabilities. We want CODI to become the standard for Decision Intelligence in the enterprise.
To do this we’ll be expanding our Engineering and Product teams, ensuring we continue to grow a unique and world class team that operates on the cutting edge of B2B software.
2. Scale, globally
In 2020 we grew organically outside of our home market in the UK. We now have customers in the US, Europe, India and the Middle East. Through 2021 we’ll be opening new locations in both the US and India to support this commercial growth and to help us best service our customers in these regions. Our new location in India will be our second office after we opened an Engineering base in Jaipur all the way back in 2016. We’re really proud of our Indian heritage and are excited to be growing our team here.
3. Growing our team and culture
In a relatively short time our team has grown to 175 Peakers. We’re incredibly lucky to have such a great collection of minds, personalities and talent, all of whom live the values of Peak every day. This has seen us recognised as one of the top 100 companies to work at in the UK; an award we’re extremely proud of. Central to our culture is inclusivity and diversity, and we’re also proud that our team includes 53% more women proportionally than the average UK tech company.
As we grow as a company we’ll be staying true to our culture. We’ll be looking to develop our talent and teams, as well as to hire some of the very best talent from across the world of tech. We’ll be looking to hit even more ambitious and important inclusivity and diversity goals and we’ll continue to foster a culture that we are all proud of. Plus, of course, we’re relishing the prospect of operating in a post-pandemic world, and finally getting our team back together in our offices!
Whether you’re reading this as one of our valued customers, a partner, a colleague, an investor or an interested observer, thank you for making Peak what it is today. I’m really looking forward to the next stage in our journey together.