EMERGING TECH
EMERGING TECH
EMERGING TECH
Billionaire Thomas Siebel’s startup C3 IoT raises $100M in new funding
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 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:
Photo: Christian Purdie/SiliconANGLE
A message from John Furrier, co-founder of SiliconANGLE:
Support our mission to keep content open and free by engaging with theCUBE community. Join theCUBE’s Alumni Trust Network, where technology leaders connect, share intelligence and create opportunities.
- 15M+ viewers of theCUBE videos, powering conversations across AI, cloud, cybersecurity and more
- 11.4k+ theCUBE alumni — Connect with more than 11,400 tech and business leaders shaping the future through a unique trusted-based network.
About SiliconANGLE Media
SiliconANGLE Media is a recognized leader in digital media innovation, uniting breakthrough technology, strategic insights and real-time audience engagement. As the parent company of SiliconANGLE, theCUBE Network, theCUBE Research, CUBE365, theCUBE AI and theCUBE SuperStudios — with flagship locations in Silicon Valley and the New York Stock Exchange — SiliconANGLE Media operates at the intersection of media, technology and AI.
Founded by tech visionaries John Furrier and Dave Vellante, SiliconANGLE Media has built a dynamic ecosystem of industry-leading digital media brands that reach 15+ million elite tech professionals. Our new proprietary theCUBE AI Video Cloud is breaking ground in audience interaction, leveraging theCUBEai.com neural network to help technology companies make data-driven decisions and stay at the forefront of industry conversations.
