AI solution developer C3 IoT has received a $100m round of funding to support the company with increasing its global services and distribution capacity.
Investors to the round included existing investors TPG Growth, Breyer Capital, Sutter Hill, Pat House, and Thomas M. Siebel. The Rise Fund, a new backer in C3, also took part in this batch of funding.
California-headquartered C3 builds AI and IoT products that offer environmental, and social benefits such as energy management. The technology is utilised across a range of different industries including the financial services, healthcare, aerospace & defense, retail, utilities and telecommunications, among others.
The company designs and develops these software products to deliver clients predictive insights for business-critical process. Financial services can implement the solution to analyse real-time customer interaction, and use sensor data to predict financial risk, customer service needs, and offer personalised customer experiences.
TPG partner and head of technology investing Nehal Raj said, “C3 IoT is transforming industries, creating competitive advantages for its customers, and generating significant, measurable social impact in important areas such as healthcare and energy.”
This new line of equity brings C3’s total funding efforts to around $222m. The company picked up an undisclosed funding round last year at a $1.4bn valuation.
Last week, The Rise Fund made its first investment in a FinTech company following its commitment to micro-investing app Acorns. The US-based company automatically invests a user’s spare change to build a diverse portfolio.
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