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C3.ai Files To Go Public

 

Tom Siebel, Founder and CEO, C3.ai.
Photo credit: C3.ai

C3.ai, an AI software company founded by former Oracle executive Tom Siebel, has submitted a filing to go public with the U.S. Securities and Exchanges Commission. The company is looking to go public 11 years after its founding and with over $200 million in private funding raised along the way. Before now, C3's most recent private round placed its valuation at $3.3 billion.

C3.ai's S-1 filing shows $156.7 million in revenue in the fiscal year leading up to April 2020, compared to $91.6 million in the previous year. Within the same periods, C3 posted respective losses of $69 million and $33 million. 

C3.ai makes money with a suite of artificial intelligence software that's used by enterprises for a broad range of activities such as fraud detection, energy management, inventory management, and management of IoT devices. The company operates majorly on a subscription basis that pulls in most of its revenue ($135.4 million in its most recent fiscal year) but also operates a 'Professional Services' revenue pipeline that also brings in the rest of its revenue ($21.3 million in its most recent fiscal year).

C3.ai was founded by Tom Siebel, a long-time entrepreneur who sold his eponymous software company, Siebel Systems, for $5.9 billion to software giant Oracle in 2006. Siebel founded C3 three years after selling his firm to Oracle and has served as its CEO ever since.

Under Siebel, C3 has raised over $200 million in outside funding from a host of investors such as The Rise Fund, Sutter Hill Ventures, Breyer Capital, and TPG. 

C3.ai is now the latest company to file for an IPO, just on the heels of on-demand food delivery DoorDash doing the same.

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