Redwood City, Calif. – March 2, 2017 – C3.ai today announced a Series E financing round at a $1.4 billion pre-money valuation. Led by Breyer Capital, a global firm with investment interest in long term-oriented entrepreneurs and teams working in artificial intelligence (AI), the funds will be used to fuel C3.ai’s growth by expanding its product footprint and customer service capacity globally. Investors included Breyer Capital, TPG, Sutter Hill, Wildcat Venture Partners, Pat House, and Thomas Siebel. The amount of the financing was not disclosed.
A fast-growing leader in PaaS enterprise software for big data, AI, and IoT applications, C3.ai applies the sciences of big data, cloud computing, and machine learning to enable a new generation of predictive analytics applications.
C3.ai has more than 20 industrial-scale deployments with more than 100 million connected IoT sensors. The company closed a $70 million Series D equity financing led by TPG Growth in September of 2016.
AI and IoT Platform Proven at Enterprise Scale
The C3 Platform is a cohesive development environment for enterprise-scale big data, predictive analytics, AI, and IoT applications. The platform enables the integration and analysis of unprecedented volumes of disparate data—including telemetry from industrial and commercial devices, enterprise operational systems, and extraprise data such as weather, traffic, and social media—into a unified cloud-based data image, and employs machine learning at scale, in near-real time, to deliver predictive insights that improve operational efficiencies, enhance customer engagement, and differentiate products and services.
A recent independent assessment of C3.ai by Constellation Research Principal Analyst Holger Mueller concludes, “The remarkable finding is that C3.ai has native capabilities that are on par, if not often ahead of, traditional products in individual categories of use. Combining all capabilities in a single platform makes C3.ai a unique, powerful platform for building nextgen applications in the enterprise.”
C3.ai also provides pre-built SaaS applications, including predictive maintenance, fraud detection, energy management, and sensor network health, for organizations in manufacturing, oil and gas, healthcare, financial services, aerospace, transportation, telecommunications, and the public sector. Enterprise customers and system integrators also use the C3 Platform as a service (PaaS) to rapidly build and deploy custom applications.
“AI may be the most revolutionary and interesting investment theme in the next decade. C3.ai is well positioned to become a leader in the large and rapidly growing enterprise AI, big data software market, and we look forward to being part of this success story.”
— Jim Breyer, Founder and CEO, Breyer Capital
“In the short time that we have been working with C3.ai, it has become clear to us that the company has both a tremendous market opportunity and formidable execution capabilities. We look forward to continuing to partner with Tom and his team.”
— Nehal Raj, Partner, TPG
“I have worked with Tom Siebel for four decades. He has a unique history of building category-defining software platforms and market-leading software companies. With C3.ai, Tom is clearly doing it again.”
— Pat House, Co-founder, Siebel Systems
“I spent a large part of my career working with and for Tom Siebel. Tom builds companies that grow rapidly, that establish new markets, that generate cash, and that establish value for customers and stakeholders. I have tracked the progress of C3.ai since its inception. We believe C3.ai will be a leader in IoT, AI, and predictive analytics at global scale.”
— Bruce Cleveland, Managing Director, Wildcat Venture Partners
“The funds will be used to expand C3.ai’s distribution capacity, further develop our partner ecosystem, and enhance and expand customer service capacity.”
— Ed Abbo, President and CTO, C3.ai
Corporate Public Relations