Redwood City‚ CA‚ Fort Worth‚ TX‚ San Francisco‚ September 1‚ 2016 – TPG Growth‚ the $7 billion middle market and growth equity investment platform of TPG‚ today announced it has invested in C3.ai‚ reinforcing its position as the fast-emerging leader in the Internet of Things (IoT) market. The investment adds to TPG’s strong franchise and extensive track record in the technology space.
Founded by Silicon Valley icon Thomas Siebel‚ C3.ai applies the sciences of big data‚ advanced analytics‚ and machine learning to enable a new generation of smart business processes and predictive analytic applications that enable businesses to create competitive advantage.
The C3 Platform is a cohesive development environment that enables IT teams to rapidly design‚ develop‚ and deploy enterprise-scale big data and IoT applications. The C3 Platform aggregates and integrates unprecedented volumes of disparate data—from sensors on industrial and commercial devices such as home automation systems‚ production lines‚ aerospace equipment‚ and machinery; enterprise operational systems such as financial transactional systems and ERP systems; and third-party extraprise sources such as weather‚ traffic‚ and social media—and delivers machine learning-based predictive analytics to improve operational efficiencies‚ enhance customer engagement‚ and differentiate products and services.
C3.ai provides pre-built SaaS applications‚ including predictive maintenance‚ fraud detection‚ energy management‚ and network sensor health for organizations in manufacturing‚ oil and gas‚ healthcare‚ retail‚ aerospace‚ transportation‚ telecommunications‚ and the public sector. Enterprises and system integrators also use the C3 Platform as a service (PaaS) to rapidly build and deploy custom big data and IoT applications.
The McKinsey Global Institute estimates the potential economic impact of new IoT applications and products to be as much as $3.9-$11.1 trillion by 2025. With more than 20 enterprise-scale customer deployments and 70 million devices under management‚ C3.ai is “clearly miles beyond its established competitors‚” according to Harbor Research.
In the past six months‚ C3.ai has experienced significant momentum and business growth‚ including the following milestones:
- ENGIE‚ a 70 billion EUR global integrated energy company‚ selected the C3 Platform and applications as the technology foundation for its enterprise-wide IoT transformation plan to enhance and accelerate ENGIE’s lead in digital innovation.
- U.S. Department of State awarded C3.ai a multi-year contract of $25 million to deploy energy management and predictive analytics technology globally–across 22‚000 facilities in 190 countries–to achieve and maintain statutory‚ executive order‚ and department energy and sustainability goals.
- Amazon Web Services (AWS) and C3.ai agreed to a new level of cooperation with new development and go-to-market initiatives to facilitate customer success with large-scale IoT implementations.
This Series D equity financing round‚ led by TPG‚ also included returning investors Sutter Hill‚ Interwest Partners‚ and Thomas Siebel.
Supporting Quotes
“This partnership with TPG‚ a leading investor in high-growth technology markets‚ enhances C3.ai’s industry leadership and our ability to assure our customers’ success‚” said Thomas Siebel‚ CEO of C3.ai. “As our customer base grows‚ C3.ai is investing in growth‚ expanding our product footprint‚ and investing in customer service and satisfaction. With TPG on our team‚ C3.ai will accelerate the expansion of our customer service capacity globally.”
“TPG looks to partner with important‚ high-growth companies that have large addressable markets and world-class management teams that promise to establish market leadership. C3.ai is such a company‚” said Nehal Raj‚ Partner at TPG. “The IoT software market opportunity is substantial and our research shows that C3.ai is well positioned to establish and maintain a market leadership role. We look forward to working closely with C3.ai to realize that objective.”