SoftBank Vision Fund takes a stake in British start-up IA Peak | Economic news

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The world’s largest tech investor will invest tens of millions of pounds in a Manchester-based artificial intelligence (AI) start-up that helps businesses make decisions.

The world’s largest tech investor will invest tens of millions of pounds in a Manchester-based artificial intelligence (AI) start-up that helps businesses make decisions.

Sky News has learned that SoftBank’s Vision Fund II has agreed to acquire a stake in Peak, which counts PepsiCo and fashion retailer PrettyLittleThing among its clients.

Sources in the city said the Vision Fund is expected to inject around $ 50 million into Peak in return for a “significant” stake in the company.

It will come just six months after Peak closed a $ 21 million Series B funding round led by leading venture capitalist Oxx, which included capital from Ridge, MMC Ventures and Praetura Ventures. .

Peak was founded in 2014 and says its AI tools have helped customers achieve “transformational” results by reducing inventory and supply chain costs, and improving the efficiency of ad spend.

“It becomes impossible to run a business without AI. Modern businesses are complex and operate in an ever-changing world,” said Richard Potter, co-founder and CEO of Peak earlier this year.

“Making critical decisions without AI would be like driving a Formula 1 car blindfolded.”

The valuation at which SoftBank, led by Masayoshi Son, is investing in Peak was unclear on Tuesday.

It will be the latest in a series of UK companies to be backed by the Vision Fund, and follows a recent investment in Revolut, the digital bank, which has made it Britain’s most valuable tech company.

A spokesperson for the Vision Fund declined to comment, while PeakAI did not respond to inquiries.


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