California-based C3 IoT, a leading provider of PaaS enterprise software for big data, AI, and IoT applications, has managed to raise a Series E financing round at a $1.4 billion pre-money valuation. The amount of funding was not revealed.
The firm has secured the funds from Breyer Capital, a global firm with investment interest in long-term-oriented entrepreneurs and teams working in artificial intelligence (AI).
Other than Breyer Capital, TPG, Sutter Hill, Wildcat Venture Partners, Pat House, and Thomas Siebel also pitched in the financing round. Jim Breyer, Founder and CEO, Breyer Capital, in an official statement says,
AI may be the most revolutionary and interesting investment theme in the next decade. C3 IoT 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.
C3 IoT makes use of the sciences of big data, cloud computing, and machine learning to facilitate the development of a new generation of predictive analytics applications. The platform comes off as a cohesive development environment for enterprise-scale big data, predictive analytics, AI, and IoT applications.
It allows the integration and analysis of unprecedented volumes of disparate data into a unified cloud-based data image. It 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.
It also offers a pre-built SaaS applications, including predictive maintenance, fraud detection, energy management, and sensor network health, for firms specializing in financial services, aerospace, transportation, telecommunications, manufacturing, oil and gas, healthcare, and the public sector. The enterprise clients and system integrators also leverage the C3 IoT Platform as a service (PaaS) to rapidly build and deploy custom applications.
With the freshly raised capital, C3 IoT is gearing up to expand its product footprint and customer service capacity globally. Ed Abbo, President, and CTO, C3 IoT, commenting on the same says,
The funds will be used to expand C3 IoT’s distribution capacity, further develop our partner ecosystem, and enhance and expand customer service capacity.
It boasts of over 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.
