ServiceNow, Honeywell Back Noodle.ai with $25M Series C to End Global Supply Chain Crisis
Yesterday's Planning Systems Can't Withstand Today's Supply Chain Volatility; Noodle.ai's Tech Changes the Game
SAN FRANCISCO, Sept. 29, 2022 /PRNewswire/ -- Noodle.ai, creator of the world's leading supply chain system of intelligence, today announced it has closed a $25M Series C funding round, including participation from the venture arm of ServiceNow (NYSE: NOW) and Honeywell Ventures. The investments provide further validation of Noodle.ai's innovative AI-driven platform, Inventory Flow, a supply chain system of intelligence that enables companies to profitably navigate some of the world's most complex supply chain challenges.
Noodle.ai's Inventory Flow deploys pioneering data science technology, including deep probabilistic predictions, graphical neural networks and reinforcement learning. By adding a system of intelligence to companies' existing systems of record and systems of planning, Inventory Flow can find and resolve massive numbers of undetected problems in the supply chain — ultimately maximizing profits by enabling the right goods to flow to the right place at the right time.
"The past few years have seen a shift from a 'normal' world, where supply chain planners could make reasonable assumptions that generated good-enough projections, to the 'post-normal' world of today's unprecedented supply chain chaos," said Stephen Pratt, founder and CEO of Noodle.ai, whose full comments can be found on the Noodle.ai blog. "Noodle.ai is combining human expertise with AI to 'science the crap' out of supply chain predictions and corrections so that companies can achieve wildly profitable outcomes. We're delighted that our funding partners share our vision and have confidence in our ability to deliver real solutions to a major global problem."
The latest round brings Noodle.ai's total funding to more than $100M, including previous rounds from TPG Growth, Dell Technologies Capital, Mitsubishi and SMS group. In a tight investment landscape, the recent funding is notable, reinforcing the urgent need for innovation in global supply chains. Noodle.ai will use the funds to accelerate product innovation and technology integrations to support a growing customer base of companies across a wide range of industries heavily reliant on the global supply chain, including consumer packaged goods (CPG), food and beverage, beauty and cosmetics, metals, automotive, paper and pulp, and more.
ServiceNow's investment in Noodle.ai will help drive further investment in and expansion of Noodle.ai's supply chain system of intelligence to set a new standard for connected supply chain operations.
"Helping customers make work flow across the enterprise is at the core of ServiceNow's purpose," said Phillip Kirk, Senior Vice President of Corporate Business Development at ServiceNow. "Our investment in Noodle.ai complements our focus on breaking down siloes and leveraging AI-based decision intelligence. We will continue to seek and invest in innovations that enable enterprises to make the world work better for everyone."
Honeywell Ventures is the venture arm of Honeywell that invests in early-stage, high-growth companies that have emerging and disruptive technologies. The strategic investment in Noodle.ai will enable Honeywell – along with its technology – to deliver more advanced data and intelligence, to help its customers accelerate business decision-making and digital transformation to help organizations streamline operations and lower costs.
"As a world leader in controls and automation, Honeywell is helping our customers solve key operational and supply chain challenges through industrial-grade software and our Honeywell Forge enterprise performance management solution," said Patrick Hogan, managing director of Honeywell Ventures. "Our investment in Noodle.ai will accelerate digital transformation in supply chains by bringing enhanced data intelligence to address key challenges such as improving demand and supply planning. We believe organizations will benefit from these new capabilities to deliver products and services more quickly to customers."
About Noodle.ai
Noodle.ai has a clear mission: to create a world without waste. With today's unprecedented supply chain crisis, in which "normal" conditions no longer exist, companies' systems of record and systems of planning alone cannot keep pace. Noodle.ai has responded by creating a supply chain system of intelligence, optimized to enable companies to navigate the highly dynamic "post-normal" environment. Based on Noodle.ai's Enterprise AI advanced capabilities, the production-proven Inventory Flow platform makes sure that the right stuff flows to the right place at the right time. Visit www.noodle.ai to learn more.
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SOURCE Noodle.ai
