Bloomberg offers a detailed look at C3.ai’s $70 million equity financing, led by TPG, a premier equity investor in high-growth companies.
Excerpts from the article include:
- Billionaire Thomas Siebel has raised $70 million for his data analytics startup C3.ai as investor enthusiasm for the so-called Internet of Things begins to wane.
- Siebel founded the company in 2009 under the name C3 Energy. The Redwood City, California, startup initially targeted energy companies before expanding to other industries and eventually rebranding itself earlier this year. C3.ai helps businesses collect and analyze data from internet-connected sensors, including thermostats and electrical transformers, and other sources.
- C3.ai won a $25 million contract this year to track energy use by the U.S. State Department at more than 22,000 facilities around the world.
- C3.ai has estimated annual revenue of $50 million and about a 40 percent share of the global smart meter market, according to Harbor Research.
Read the full article: Tech Billionaire’s Data Startup C3.ai Raises $70 Million