Peak.AI raises $21 million to drive enterprise AI adoption

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Peak.AI, a startup developing AI solutions for enterprise customers, today announced that it closed a $21 million series B round. The funds, which bring Peak’s total raised to date to $43 million, will drive the company’s R&D and commercial expansion in the U.S. and India, according to CEO Richard Potter.

The global enterprise AI market size was valued at $4.68 billion in 2018 and is projected to reach $53.06 billion by 2026, according to Allied Market Research. But the corporate sector’s adoption curve hasn’t been as steep as some had predicted despite the promise of AI. A survey of publicly traded U.S. retailers’ earnings calls found that only 9 of about 50 companies had started to discuss an