US-based artificial intelligence software developer Noodle.ai has raised an amount likely to have been $21m, from investors including diversified trading conglomerate Mitsubishi Corporation and computing technology producer Dell.
The round also featured TPG Growth, the growth equity arm of private equity group TPG, and SMS Investments, while Dell invested through its Dell Technologies Capital unit.
The size of the transaction was not confirmed but Noodle.ai said the round increased its overall funding to $72m, following $51m in previously disclosed funding.
Noodle.ai provides artificial intelligence-equipped software products that help enterprise customers manage their resources more effectively.
The funding was disclosed together with the launch of two new products, both of which leverage Noodle.ai’s probabilistic modelling-based AI engine.
The first, Vulcan, provides manufacturers with predictive maintenance and quality control capabilities, while Athena helps businesses optimise their supply chain capabilities and reduce excess inventory.
Dell Technologies Capital had led a $35m series B round for Noodle.ai in mid-2018, investing alongside TPG Growth and bringing its overall funding to $51m. TPG Growth incubated the company in 2016 with founding chief executive Stephen Pratt.
Pratt said: “Our Vulcan and Athena application suites are a profound technological breakthrough to create a world without waste. The learning algorithms, petaflop computing, and massive data sets powering Noodle.ai applications enable a quantum leap forward in manufacturing and supply chains.
“AI far surpasses [enterprise resource planning] and [manufacturing execution systems] to run precise operations. It is becoming the de facto technology to make complex, high value decisions in the enterprise.”