C3 IoT Banks $70M in Venture Funding to Expand Platform
C3 IoT already has 26 production clients, including ENGIE, one of the largest industrial power distributors in the world.Internet of things platform-as-a-service specialist C3 IoT has received $70 million in Series D equity financing led by TPG Growth, the $7 billion middle market and growth equity investment platform of TPG. Redwood City, Calf.-based C3 IoT said Sept. 8 it intends to use the capital to reinforce its position as an emerging leader in the IoT market. The investment adds to TPG's extensive track record in the technology space. Founded by Silicon Valley icon Tom 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 help businesses to boost their competitive advantage. Siebel told eWEEK recently that C3 IoT already has 26 production clients, including ENGIE, one of the largest industrial power distributors in the world. More than 70 million devices are under control within all these deployments.
"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," Siebel, who serves C3 IoT as CEO, 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."