Enterprise AI startup Noodle.ai received major support this week via a $35 million Series B funding round led by Dell Technologies Capital who joins with previous middle market investor TPG Growth in Noodle.ai’s next major stage of growth.
Founded in 2016 by former Watson executive Stephen Pratt, Noodle.ai has now raised $51 million in total funding to expand its suite of interconnected applications that predict a business’ key variables in supply and demand—that improve enterprise planning and operations of large companies.
“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 CEO Pratt in a press statement. “Learning algorithms are now practical and affordable, so there’s no reason not to use them to make better decisions.”
The San Francisco based company was founded around a team of executives from top firms in data science, machine learning and management consulting. In the fairly brief period since its founding, Noodle.ai has established its value proposition in the business operations of large corporations, touting its learning algorithms that give a company the most ROI through direct boosts to revenue.
Noodle.ai gains on many fronts from its new relationship with Dell Technologies Capital that has a notable track record of investing in nearly 90 early-stage startups since 2012, resulting in 37 successful exists. Three of which were unicorn IPO’s within the past nine months. The Dell investment team offers seasoned company builders who bring the expertise to accelerate a startup’s time to market. In addition, Scott Darling, president of Dell Technologies Capital, will join Noodle.ai’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.”
