C3 IoT banks $100M in new funding
Jan 25 2018
C3 IoT, an AI and IoT software platform for digital transformation last week raised $100M in new funding. The company, formerly known as C3 Energy, previously raised $70M in Sep 2016 followed by a Series E round in Feb, 2017 that valued the company at $1.4B. Its total funding has reached $223 million since it was launched in 2009.
C3 IoT’s latest investment came from the founder Tom Siebel and Pat House, Tom’s co-founder at Siebel Systems. Existing backers TPG Growth, Breyer Capital and Sutter Hill Ventures also participated in the round.
C3 IoT’s core product is a platform as a service (PaaS) for rapidly developing and operating big data, predictive analytics, AI/machine learning, and IoT software as a service (SaaS) and apps. The company also offers configurable and extensible applications on top of its platform.
Some of the core applications C3 IoT has built on its PaaS include apps for predictive maintenance, energy management, sensor health management, and fraud detection.
+ The company will use the funding proceeds to capital will be deployed to substantially increase service and distribution capacity globally.
+ C3 IoT's founder Tom Siebel, along with his co-founder sold Siebel Systems to Oracle in 2006 for $5.8 billion.
Transforming inventory optimization with artificial intelligence https://t.co/R7kGSqrUCq— C3 IoT (@C3IoT) January 23, 2018
C3 IoT isn't just a second act for billionaire Tom Siebel, it's a come-back story for a man who was literally trampled and a company that almost died. https://t.co/drjAENglT3 pic.twitter.com/ah8oSYauFW— Business Insider MY (@BizInsiderMY) January 21, 2018
THREAD: Its been a big week at @C3IoT. Thank you to @TPGcapital, @TheRiseFund, @SHV, @BreyerCapital, and Pat House for your continued support. Couldn't be prouder of the @C3IoT team https://t.co/ecGwWfPDdd (1/3)— Tom Siebel (@TomSiebel) January 19, 2018