Founders: Thomas M. Siebel (CEO)
Headquarters: Redwood City, California
Funding: $318 million
Valuation: $2.1 billion (PitchBook)
Key technologies: Artificial intelligence, Cloud computing, Deep neural networks/deep learning, Digital twins, Edge computing, Internet of things, Machine learning
Industry: Artificial intelligence, big data, cloud computing
With so many products — everything from smart refrigerators and ovens to oil pumps — becoming connected to the internet, C3 (formerly C3 IoT) realized there was an abundance of information about how all these devices are performing. Its software can read all that data and tell its owners — companies in industries such as aerospace, financial services, health care, retailing and utilities, to name a few — if something is about to break down, or the most efficient ways to use sensor data in their supply chain management.
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The company was launched in 2009 by Thomas Siebel, the same man who started, and sold, Siebel Systems, the customer relationship management software firm, to Oracle in 2006 for $6 billion. C3 began life as a software venture for the energy industry. But after the recession, when spending on software in the energy industry had all but dried up, Siebel course-corrected. Two new AI applications — antimoney laundering AML and manufacturing yield optimization — are in trials with customers today. C3 says in the case of its AML offering, a large global bank has improved identification of potential money laundering by 200% while reducing false alarms by 85%.
Today the Redwood City, California-based company counts 3M, the New York Power Authority and Shell among its customers. The company has raised $228 million so far from investors, including TPG Growth and Breyer Capital.