(Reuters) - Mubadala Capital, the asset management arm of Abu Dhabi’s state investor, and venture capital firm Akkadian Ventures co-led a $100 million investment for People.ai, bringing its valuation to $1.1 billion, the software startup said on Wednesday. Founded in 2016, People.ai allows for the automation of manual data entry and can also analyze historical trends to forecast sales. The company’s platform is used by high-profile names in the technology industry, including Zoom Video Communications Inc and cybersecurity and IT operations company Splunk Inc. Investment giants including Tiger Global and Japan’s SoftBank Group Corp are betting big on fast-growing enterprise software companies, highlighting the robust demand for the services they offer. Existing investors ICONIQ Capital and Lightspeed Venture Partners also participated in the funding round, People.ai said. The sotware firm added that besides investment into its SmartData platform, the fresh funds will be used to expand into new industry segments and geographies. Artificial intelligence technology company DataRobot, which is also a customer of People.ai, was valued at $6.3 billion after an infusion of funds last month. Reporting by Niket Nishant in Bengaluru, Editing by Sherry Jacob-Phillips Our Standards: The Thomson Reuters Trust Principles.