SAN FRANCISCO, CA, Noodle.ai, a leading provider of enterprise AI applications, today announced it has raised $35 million in a Series B funding round, bringing its fundraising total to $51 million.
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The funds will be used to expand the company's suite of applications, which help key industries predict the future and make better business decisions.
Dell Technologies Capital led the round and was joined by previous investor TPG Growth, the middle market and growth equity investment platform of TPG, which incubated Noodle.ai with Stephen Pratt in 2016.
"Even after two decades of decision support software and ERP implementations, you see the results of bad business decisions every day: empty store shelves, wasted energy, packages that don't arrive on time, labor forces over or under worked, even factories closing. It's high time that changed," said Noodle.ai CEO Steve Pratt. "Learning algorithms are now practical and affordable, so there's no reason not to use them to make better decisions."
Since its inception, Noodle.ai has proven that the area where learning algorithms have the most ROI is in business operations. Noodle.ai's applications predict key variables in demand and supply, so large companies can make more accurate decisions. Through advanced data science, high-performance computing, and guidance from a roster of talented AI experts, the company has created a dozen industry-focused applications that generate better predictions and substantial revenue lift.
AI stands to significantly change the efficiency of everyday business, using algorithms and supercomputers to leverage vast amounts of internal and external data and make better predictions. For example:
XOJET - the leading on-demand private aviation platform - uses Noodle.ai's Pricing AI and Logistics AI modules to combine internal & external demand patterns, competitor data, weather, local events and other data points to improve pricing, reduce deadhead and save fuel.
Noodle.ai's work has also brought machine learning intelligence to the heartland, powering the world's first LEED-certified learning mill with Big River Steel. Bridging sensor data and learning algorithms, the company's Production AI module is predicting lead times, saving energy, improving product quality, and identifying new areas for revenue.
Dell Technologies Capital, which came out of stealth last year, has been an active investor in nearly 90 early-stage startups since 2012 with 37 successful exits, including three unicorn IPOs within the past nine months. The investment team is comprised of company builders with deep business and technical expertise to help startups bring their innovative technology solutions to market faster. Noodle.ai also announced today that Scott Darling, president of Dell Technologies Capital, will join the company's Board of Directors.
"Artificial Intelligence is one of the biggest technology shifts to happen to the IT industry since the Internet," said Scott Darling, president, Dell Technologies Capital. "Organizations across the globe are looking to large companies like Dell Technologies, as well as startups such as Noodle.ai, to deliver innovative, flexible and affordable solutions that help them fully utilize this breakthrough technology and bring machine learning and intelligence to their IT infrastructure."
"We funded the Noodle.ai team from the start and are excited to continue our support; they are delivering much more quickly on their initial vision-to help companies harness the power of connectivity and advanced data science-than we expected. This is an experienced team in an area where there is a clear need, as their early market acceptance demonstrates," said Nehal Raj of TPG Growth.
San Francisco-based Noodle.ai builds a brain inside your business. Using a suite of interconnected applications that predict key variables in supply and demand, Noodle.ai takes the guesswork out of enterprise planning and operations, so large companies can make more accurate decisions. Founded in 2016, Noodle.ai is led by executives from top firms in data science, machine learning and management consulting.
Dell Technologies Capital
The Dell Technologies Capital investment team is comprised of company builders with the mission of helping founders and their teams develop innovative technology solutions and bring them to market. They are active investors, sustaining an investment pace of approximately $100 million a year. As the global venture investment platform for the Dell Technologies family of businesses (Dell, Dell EMC, Pivotal, RSA, Secureworks, Virtustream and VMware), Dell Technologies Capital offers deep business and technical expertise and unparalleled go-to-market assistance to our portfolio companies. After operating in stealth for five years, the venture practice emerged publicly in 2017. Headquartered in Palo Alto, Calif., Dell Technologies Capital currently has offices in Boston, Austin and Herzliya, Israel. For more information, visit www.delltechnologies.com/capital.
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With approximately $13.5 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $82 billion of assets under management. For more information, visit www.tpg.com.