Tom Siebel’s billion-dollar software firm raises $100 million

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SAN FRANCISCO (Reuters) – C3 IoT, a software company founded and run by longtime Silicon Valley executive Thomas Siebel that helps companies collect and analyze data, has raised another $100 million in a new funding backed by TPG Growth, the company said on Wednesday.

The valuation of C3 IoT was not disclosed. The company had been valued at $1.4 billion in its last funding round in March 2017.

C3 IoT is a software developer for the “industrial Internet of Things,” or a network of devices, vehicles and building sensors that collect and exchange data.

TPG’s Rise Fund, its social and environmental fund co-founded by U2’s Bono and managed by TPG Growth, is investing in C3 IoT for the first time in one of its largest investments to date. TPG Partner Nehal Raj said in a statement that C3 IoT helps create “measurable social impact” in areas such as healthcare and energy.

TPG first invested in C3 IoT in September 2016. The company has now raised $122 million in total and said it is profitable.

Siebel, the chief executive of C3 IoT, sold his company Siebel Systems to Oracle Corp in 2005 for $5.85 billion. Siebel is also investing in the new round, which closed earlier this week, along with Breyer Capital and Sutter Hill.