PaaS Enterprise Software Provider C3 IoT Bags $100 Million

Enterprise software provider C3 IoT has raised $100 million in a fresh funding round, led by private equity investment firm TPG.

C3 IoT has expanded heavily into multiple industries with its Internet of Things analytics platform over the past year. From humble beginnings in utilities, the platform has spread to healthcare, telecommunications, transportation, retail, and government.

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In November, C3 IoT’s analytics platform was selected by the Defense Innovation Unit Experimental (DIUx). Part of the U.S. Department of Defence, DIUx will use the platform to develop artificial intelligence tools for predictive maintenance of assets.

On top of a strong analytics platform, C3 IoT is an advanced tech partner with Amazon Web Services. This connection allows the company deeper integration with AWS IoT.

Thomas Siebel, CEO and founder of C3 IoT, said: “C3 IoT is focused on running a rapidly growing, profitable, cash positive business driving digital transformation at many of the world’s leading corporations. This capital will be deployed to substantially increase service and distribution capacity globally.”

Alongside TPG, Breyer Capital, Sutter Hill, Pat House, Rise Fund and CEO Siebel all invested in the latest funding round.

Nehal Raj, Partner and head of technology investing at TPG, said: “Our additional investment in C3 IoT reflects our ongoing confidence in the company’s unmatched capabilities, best-in-class management team, and significant growth potential.

“C3 IoT is transforming industries, creating competitive advantages for its customers, and generating significant, measurable social impact in important areas such as healthcare and energy. Applying our experience building businesses across sectors, we are excited to continue to work with Tom and the team to accelerate adoption of the platform.”