Redwood City, California-based C3 IoT, an internet of things development platform provider, has raised $70 million in Series D funding. TPG Growth led the round with participation from other investors that included Sutter Hill and Interwest Partners.
Redwood City, CA, Fort Worth, TX, San Francisco, September 1, 2016 – TPG Growth, the $7 billion middle market and growth equity investment platform of TPG, today announced it has invested in C3 IoT, reinforcing its position as the fast-emerging leader in the Internet of Things (IoT) market. The investment adds to TPG’s strong franchise and extensive track record in the technology space.
Founded by Silicon Valley icon Thomas 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 enable businesses to create competitive advantage.
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—and delivers machine learning-based predictive analytics to improve operational efficiencies, enhance customer engagement, and differentiate products and services.
C3 IoT provides pre-built SaaS applications, including predictive maintenance, fraud detection, energy management, and network sensor health for organizations in manufacturing, oil and gas, healthcare, retail, aerospace, transportation, telecommunications, and the public sector. Enterprises and system integrators also use the C3 IoT Platform as a service (PaaS) to rapidly build and deploy custom big data and IoT applications.
The McKinsey Global Institute estimates the potential economic impact of new IoT applications and products to be as much as $3.9-$11.1 trillion by 2025. With more than 20 enterprise-scale customer deployments and 70 million devices under management, C3 IoT is “clearly miles beyond its established competitors,” according to Harbor Research.
In the past six months, C3 IoT has experienced significant momentum and business growth, including the following milestones:
· ENGIE, a 70 billion EUR global integrated energy company, selected the C3 IoT Platform and applications as the technology foundation for its enterprise-wide IoT transformation plan to enhance and accelerate ENGIE’s lead in digital innovation.
· U.S. Department of State awarded C3 IoT a multi-year contract of $25 million to deploy energy management and predictive analytics technology globally–across 22,000 facilities in 190 countries–to achieve and maintain statutory, executive order, and department energy and sustainability goals.
· Amazon Web Services (AWS) and C3 IoT agreed to a new level of cooperation with new development and go-to-market initiatives to facilitate customer success with large-scale IoT implementations.
This Series D equity financing round, led by TPG, also included returning investors Sutter Hill, Interwest Partners, and Thomas Siebel.
“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,” said Thomas Siebel, CEO of C3 IoT. “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.”
“TPG looks to partner with important, high-growth companies that have large addressable markets and world-class management teams that promise to establish market leadership. C3 IoT is such a company,” said Nehal Raj, Partner at TPG. “The IoT software market opportunity is substantial and our research shows that C3 IoT is well positioned to establish and maintain a market leadership role. We look forward to working closely with C3 IoT to realize that objective.”
 McKinsey Global Institute, “The Internet of Things: Mapping the Value Behind the Hype,” June 2015.
 Harbor Research, “Market Leader Profile: C3 IoT,” July 2016.
About C3 IoT
C3 IoT provides a full-stack IoT development platform (PaaS) that enables the rapid design, development, and deployment of even the largest-scale big data / IoT applications that leverage telemetry, elastic cloud computing, analytics, and machine learning to apply the power of predictive analytics to any business value chain. C3 IoT also provides a family of turn-key SaaS IoT applications including predictive maintenance, fraud detection, sensor network health, supply chain optimization, investment planning, and customer engagement. More information is at http://C3IoT.com.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With over $7 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has approximately $70 billion of assets under management. TPG Growth’s current and past investments include Airbnb, Domo, e.l.f. Cosmetics, Lenskart, Noodle Analytics, SurveyMonkey, Tanium, Uber, and Zscaler. TPG Growth has offices in China, India, London, Singapore, Turkey, and the United States. For more information, visit www.tpg.com.