Artificial intelligence and “internet of things” software platform provider C3 IoT Inc. today said it has raised $100 million in new funding.
The late-stage round was led by TPG Growth and included Rise Fund, Breyer Capital, Sutter Hill, Pat House and C3 IoT founder, Chairman and Chief Executive Thomas M. Siebel. The valuation on the deal was not disclosed, although Reuters noted that as of its last round in early 2017, it was valued at $1.4 billion.
Founded in 2009 by billionaire Thomas Siebel, who sold his company Siebel Systems to Oracle Corp. in 2005 for $5.85 billion, C3 IoT offers an enterprise platform-as-a-service for AI, predictive analytics, big data and IoT software applications.
The company’s PaaS stack is specifically geared toward powering workloads that process information from connected devices, particularly industrial equipment. When the C3 IoT raised its $70 million Series D round in 2016, it said its platform featured a set of ready-made modules that could be turned into a functioning application with a fraction of the effort needed to create an analytics service from scratch. The idea was to reduce cost and time to develop new software releases. The company also offers analytics services alongside its application stack to speed up analysis of machine-generated data.
C3 IoT claims to have been growing rapidly, citing a 600 percent jump in bookings and 65 percent rise in revenue in 2017, though it didn’t provide absolute numbers. It also said it has increased global expansion and the added new industry sectors to its customer portfolio, including aerospace, healthcare, discrete manufacturing, and oil and gas.
“C3 IoT is focused on running a rapidly growing, profitable, cash positive business driving digital transformation at many of the world’s leading corporations,” Siebel said in a statement. “This capital will be deployed to substantially increase service and distribution capacity globally.”
Siebel spoke to SiliconANGLE Media’s livestreaming video studio theCUBE late last year about how he thinks AI, data and IoT will transform companies: