REDWOOD CITY — TPG Growth, the $7 billion middle market investment fund of private equity firm TPG, has led a $70 million Series D funding in C3 IoT, reinforcing its position as the fast-emerging leader in the Internet of Things (IoT) market.
Founded by Silicon Valley billionaire Thomas Siebel, C3 IoT 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 company was formerly known as C3 Energy.
This Series D equity financing round, led by TPG, also included returning investors Sutter Hill, Interwest Partners, and CEO Thomas Siebel.
Siebel is a former executive of Oracle who founded Siebel Systems. The company was acquired by Oracle in 2006 for $5.8 billion.
The C3 IoT 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 IoT 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 IoT 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 IoT 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 IoT is “clearly miles beyond its established competitors,” according to Harbor Research.2
In the past six months, C3 IoT has experienced significant momentum and business growth, including the following milestones:
- ENGIE, a 70 billion EUR global integrated energy company, selected the C3 IoT 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 IoT 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 IoT 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 partnership with TPG, a leading investor in high-growth technology markets, enhances C3 IoT’s industry leadership and our ability to assure our customers’ success,” said Thomas Siebel, CEO of C3 IoT. “As our customer base grows, C3 IoT is investing in growth, expanding our product footprint, and investing in customer service and satisfaction. With TPG on our team, C3 IoT will accelerate the expansion of our customer service capacity globally.”