Dell Technologies Capital, the corporate venture capital vehicle for computing technology producer Dell, has led a $35m series B round for US-based artificial intelligence technology startup Noodle.ai.
TPG Growth, growth equity arm of private equity group TPG, also participated in the round which boosted the company’s overall funding to $51m. TPG Growth and Noodle.ai CEO Stephen Pratt incubated the company in 2016.
Founded in 2016, Noodle.ai is working on applications that use AI to predict supply and demand for enterprise clients, helping them to manage their businesses more effectively. Its product range includes specialist apps for the aviation and steel production industries.
The funding will be used to expand the company’s range of software applications, and Dell Technologies Capital president Scott Darling will join its board of directors.
Darling said: “Artificial intelligence is one of the biggest technology shifts to happen to the IT industry since the internet.
“Organisations 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 utilise this breakthrough technology and bring machine learning and intelligence to their IT infrastructure.”