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."
The C3 IoT Platform uses the Amazon Web Services (AWS) Cloud for all its processing and storage. Additionally, the C3 IoT Platform is fully integrated with AWS IoT, a managed cloud service that lets connected devices easily and securely interact with the cloud.
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. It then delivers machine learning-based predictive analytics to improve operational efficiencies, enhance customer engagement, and differentiate products and services, Siebel said.
C3 IoT also provides prebuilt SaaS applications, including predictive maintenance, fraud detection, energy management and network sensor health for organizations in manufacturing, oil and gas, health care, retail, aerospace, transportation, telecommunications and the public sector. Enterprises and system integrators also use the C3 IoT platform as a service (PaaS) to build and deploy custom big data and IoT applications.
The McKinsey Global Institute has estimated the potential economic impact of new IoT applications and products to be as much as $3.9 trillion to $11.1 trillion by 2025.