Tech, a machine learning startup backed by software pioneer Tom Siebel, IPO files

Tom Siebel, an early employee of database giant Oracle and a millionaire after selling his eponymous software company to Oracle, is better than either in his new venture, C3. He says he has a big chance., an artificial intelligence services company founded by software pioneer Tom Sibel, will go public on Friday night with $ 100 million worth of new shares led by investment banks Morgan Stanley, JP Morgan and Bank of America. I applied for an initial public offering.

C3 will be listed under the ticker “AI” on the New York Stock Exchange. According to C3, the number of shares offered and the price range of the proposed offer have not yet been decided.

Adopted by database giant Oracle in 1983, Siebel later founded its eponymous customer relationship management software company in 1993. He sold the company to Oracle for $ 5.85 billion in 2006 and founded C3 in 2009.

C3 was born out of Siebel’s 2007 and 2008 philanthropic efforts after selling to Oracle. He was interested in influencing global energy and climate issues. He soon realized that being a for-profit company could have a big impact in the end.

C3 Chairman and CEO Siebel explains that his ambition in the prospectus is to serve a “larger” $ 274 billion market than either Oracle or Siebel. ..

Siebel refers to a collection of technologies, including AI, and has created a new kind of combination, including AI, called “step functions of technology.” This is “significantly more influential than we have ever seen.”

They include “elastic cloud computing, big data, internet of things, AI or predictive analytics”.

Sebel says

Today, at the confluence of these technology vectors, we see the phenomenon of enterprise AI and digital transformation. This is a duty that has risen to the top of all CEO agendas. Today, the global IT market is over $ 2.3 trillion.

Our sole focus is to leverage technology leadership, pioneer advantage, and management leadership to establish and maintain a global leadership position in enterprise AI. If you can achieve that goal, you can integrate into one of the world’s leading software companies.

The company calls itself “the world’s largest enterprise AI production footprint.” It claims to be making 1.1 billion forecasts per day for clients, including large companies in banks, oil and gas and other industries.

Sebel brought in a veteran compatriot. Edward Abbo, CTO of C3, was CTO of Siebel Systems. The company’s product manager, Houman Behzadi, was also a longtime executive at Siebel.

The company said it generated $ 157 million in revenue for the fiscal year ending April, up 71% year-on-year. That income lost $ 69 million. Revenue for the three months ended in July was $ 40.5 million, up 16% year-over-year.

The company had a cumulative deficit of $ 293 million as of the end of July.

The prospectus shows that Siebel has invested heavily in startups, but has also sold tens of millions of dollars worth of shares. For example, in 2018, the company sold its stake to Siebel with a loan worth $ 25 million. Then, in 2019, Siebel sold its shares in two transactions, each worth $ 50 million., a machine learning startup backed by software pioneer Tom Siebel, IPO files

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