IoT & Analytics Provider C3 IoT receives $100 Mio. venture capital
Provider of IoT, Big Data and AI applications C3 IoT has received $100 Mio. in their latest Series F funding round in January. The lead investor, TPG Growth, had already invested $70 Mio. in September 2016. C3’s platform as a service facilitates Advanced Analytics an AI functionalities to IoT environments.
The company and its founder Thomas Siebel definitely share a common past of hard times. C3 initially started in 2008 as C3 Energy that built software to optimize electricity flow between plant and home. The firm worked for Cisco, Dow Chemical and General Electric. Siebel even collected $14 Million from wealthy friends and committed $6 Million himself. Tragically, the then 56-year old CEO became victim of an elephant attack on a safari in 2009 and had to fight for his ability to walk. When he came back to work full-time, an oil price crisis had crushed budgets for software at energy companies – C3 Energy was at the brink of bankruptcy.
This is where the second success story of Thomas Siebel begins. The man who had already built Siebel Systems in the 90’s and sold it for $5.8 Billion in 2006 turned the company around. The restructuration of C3 commenced in 2011 with the new topical alignment on custom software for data coming from the devices of big industrials. Siebel also had to cut 110 of his then 150 employees – including long-time friends – which he states was the hardest moment in his career. However, it was his understanding to make the company successful again or die trying, the CEO said in an interview. So far, Siebel has reached his goal: C3 IoT currently employs over 200 people, is already cash-flow positive, and ranks at #19 in Forbes Cloud 100. Thomas Siebel has been awarded Entrepreneur of the Year for second time by EY.