Having a well-known founder can go a long way towards helping a startup attract investors. The latest example of that is C3.ai Inc., the platform-as-a-service provider led by Silicon Valley billionaire Thomas Siebel, which today raised $70 million in a funding round led by TPG Growth.

The cash infusion follows a series of major customer wins for the outfit that included a $25 million contract from the State Department and a deal with French utility ENGIE SA, one of the largest companies in Europe. Both organizations were drawn to C3.ai’s cloud-based development toolkit by its focus on machine-generated data. The main component is a platform-as-a-service stack specifically geared towards powering workloads that process information from connected devices, particularly industrial equipment.

Read the full article here: Billionaire Thomas Siebel’s PaaS Startup C3.ai Raises $70M