Platform provider for IOT applications gets cash injection from global investor
A software development platform firm set up by Thomas Siebel, the software entrepreneur who sold his business to Larry Ellison’s Oracle for $5.4bn, was given a $70m investment boost.
TPG Growth, a $7 billion middle market and growth equity investment platform said it invested in C3 IoT, which is building an IOT platform for machine to machine data application development.
C3 IoT applies big data, advanced analytics, and machine learning to create competitive advantage.
It has built the C3 IoT development platform to IT teams can design, develop, and deploy enterprise-scale big data and IoT applications.
It is targeting both the industrial and home markets and tracks sensor data 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; along with and third-party extraprise sources such as weather, traffic, and social media.
Thomas Siebel, CEO of C3 IoT, said: “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.”
The firms says it 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.
C3 IOT has more than 20 enterprise-scale customer deployments and 70 million devices under management with firms such as ENGIE and Amazon Web Services as customers.
It is a series D funding round. led by TPG, also included returning investors Sutter Hill, Interwest Partners, and Thomas Siebel.
Nehal Raj, Partner at TPG, said: “The IoT software market opportunity is substantial and our research shows that C3 IoT is well positioned to establish and maintain a market leadership role. We look forward to working closely with C3 IoT to realize that objective.”