Intel Capital, the corporate venture capital subsidiary of semiconductor technology producer Intel, co-led a $26m series B round for US-based supply chain software developer Cloudleaf on Wednesday.
The round was co-led by VC firm WRVI Capital and included Mahindra Partners, a subsidiary of diversified conglomerate Mahindra Group, as well as BluePointe Ventures, Bold Capital Partners and Tandem Capital.
Cloudleaf has created a cloud-based software platform that leverages internet-of-things, artificial intelligence and machine learning technology to help companies manage their logistics.
The Digital Visibility Platform is used by customers in the food and beverage, pharmaceutical and advanced manufacturing industries to gain insights into factors like location, environmental conditions and anomaly detection.
Proceeds from the round will be used to expand the Digital Visibility Platform into new markets in addition to strengthening Cloudleaf’s worldwide presence and customer base. It increased the company’s overall funding to $39m.
Cloudleaf had received $13m in series A funding from Mahindra Partners, IndusAge Partners, Tandem Capital, Bold Capital Partners and undisclosed angel investors in September 2017.
Dave Flanagan, senior managing director of Intel Capital, said: “Cloudleaf means actionable visibility. The world’s supply chains are undergoing a multi-trillion-dollar shift to digital, and Cloudleaf is in the vanguard. We are pleased to welcome them to Intel Capital’s portfolio of leaders in cloud, edge intelligence and vision technologies.”