Artificial Intelligence (AI) company Peak has raised a $21 million Series B funding round led by venture capital firm Oxx, with participation from existing investors MMC Ventures and Praetura Ventures, and new investor Arete. This brings Peak’s total funding raised to date to $43 million.

AI adoption in businesses saw a rapid acceleration in 2020 as companies looked for new ways to boost sales and maximize profits. This is especially true for the many firms prioritizing digital transformation in the wake of evolving consumer demands, the continued e-commerce boom and the global pandemic.

Funding London -  the Mayor’s early-stage investment vehicle - has supported 131 overlooked founders over the past six years. Through its two funds, the London Co-Investment Fund (LCIF) and the Greater London Investment Fund (GLIF), over £16.5M has been invested into 39 female founders, 43 ethnic minority founders and four disabled founders.

Ally.io, a hypergrowth technology company specializing in goal-setting and business execution software, announces today a $50M (£36.5M) Series C funding round led by Greenoaks Capital. Tiger Global, who led the company’s Series B round, and Madrona Venture Group also joined the round, as well as previous investors Accel, Addition Ventures, Founders’ Co-Op, and Vulcan Capital. 

Cambridge GaN Devices (CGD) has raised $9.5 million in Series A funding. The investment was co-led by IQ Capital, Parkwalk Advisors and BGF, and includes investment from Foresight Williams, Cambridge Enterprise, Martlet Capital, Cambridge Angels and Cambridge Capital Group. The funding will be used by CGD to expand its product portfolio of energy-efficient power devices and to double the size of its team.

Intelligence Fusion has secured a £400,000 investment from a number of sources to continue its growth in the expanding global intelligence market.  Led by Maven Capital Partners, the funding has been provided by the Finance Durham Fund, The Future Fund and existing investors.  The follow-on investment will support the business as it enters its next phase of growth after it successfully developed and launched its intelligence data feed platform two years ago. 

Mobile authentication platform tru.ID is exiting stealth mode having secured a £3m funding round from investors including Episode 1, MMC Ventures and NHN Ventures. tru.ID has been launched by experienced industry insiders to help developers eliminate passwords and bring user authentication into the 21st century.  

Foresight Group has successfully sold Hedges Direct Group Limited, 

Drug discovery and development company, Blueberry Therapeutics, is announcing a £3.6m extension to its previously successful £10.8m Series B fundraising.

Japanese investor, Medical Incubator Japan (MIJ), and a private syndicate of US Board Certified Dermatologists - led by Dr Omar Ibrahimi of the Connecticut Skin Institute - have invested £3.1m and £500k, respectively.

CorrosionRADAR – whose technology can detect and predict corrosion in pipelines - has attracted funding from the Middle East’s largest oil and gas company as part of a £2.9m investment round.

Saudi Aramco Energy Ventures led the Series A round, with support from existing investors the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund (MEIF), Mercia’s EIS funds and angel investors.

Cricket Betting, one of the world's most prominent specialist cricket blogs, is set to expand its global reach having secured a significant funding round. The start-up, which has been operational for less than one year, has raised over £500K of private investment to support its next growth phase.

Indra, the fast-growing electric vehicle and smart energy technology company developing innovative charging and energy storage solutions for home and commercial use, has secured a £6million investment led by the UK venture capital fund, Clean Growth Fund (CGF), alongside Gulf Oil International (Gulf). Through their investment in Indra, Gulf is making its first strategic move into the e-mobility/electric vehicles sector.

The Technology Venture Investments team at the Development Bank of Wales is expanding, as the Development Bank of Wales seeks to further support Welsh technology businesses.

Helen Kuhlman joins the Development Bank as a senior investment executive. Alex Leigh is promoted to a senior investment executive and David Blake is promoted from an assistant investment executive to an investment executive.