Redwood City, Calif.-based artificial intelligence (AI) and Internet of Things (IoT) software provider C3 IoT has raised $100 million in new funding in a round led by TPG Growth. Other investors include Breyer Capital, Sutter Hill, Pat House, and The Rise Fund. Chief Executive Officer Thomas Siebel, who sold his company Siebel Systems to Oracle Corp in 2005 for $5.85 billion, is also investing in the new round.
C3 IoT, founded and head by Silicon Valley veteran Siebel, helps companies across industries collect and analyze data from the IoT, comprised of a growing network of billions of devices, vehicles and building sensors that exchange information. C3 IoT seeks to bring data scientists and application developers together in one platform and workflow. The company currently has over 100 million sensors under management. After inking an advanced tech partner deal with Amazon Web Services, the world’s leading cloud provider, the C3 IoT team is more integrated with AWS IoT and has a greater focus on targeting enterprise accounts.
The valuation of the nine-year old startup was not disclosed. In its previous funding round in March 2017, the enterprise software company was valued at $1.4 billion. Having raised about $223 million within six fundraising rounds, C3 IoT says it is now profitable.
“C3 IoT is focused on running a rapidly growing, profitable, cash positive business driving digital transformation at many of the world's leading corporations," Siebel stated in a press release. "This capital will be deployed to substantially increase service and distribution capacity globally."
The recent funding round marks one of the largest investments of TPG’s Rise Fund, a social and environmental focused fund co-founded by U2’s Bono and managed by TPG Growth. TPG Partner Nehal Raj said in a statement that C3 IoT helps create “measurable social impact” in areas such as healthcare and energy. The San Francisco-based investment firm, with over $70 billion in assets under management and 17 offices around the world, first invested in the tech startup in September 2016.