C3.ai, an artificial intelligence services company founded by software pioneer Tom Siebel (Tom Siebel), filed an initial public offering on Friday night with a placeholder value of $1
The number of issuances is temporary, and the final transaction size may change.
C3 plans to be listed on the New York Stock Exchange under the ticker symbol “AI”. C3 said that the number of shares to be issued and the price range to be issued have not yet been determined.
Siebel was hired as the database giant Oracle in 1983 and later established the enterprise customer relationship management software company of the same name in 1993. He sold the company to Oracle in 2006 for US$5.85 billion and founded C3 in 2009.
C3 comes from the charity work done by Siebel in 2007 and 2008 after being sold to Oracle. He is worried about the impact on the earth’s energy and climate issues. He quickly realized that becoming a for-profit company might ultimately have a greater impact.
Siebel, chairman and chief executive officer of C3, said his ambition in the prospectus is to serve a $274 billion market, which is “larger than Oracle or Siebel.”
Siebel refers to a large number of technologies, including AI, which together create a new combination, which he calls “the ladder function of technology”, “its influence is stronger than anything we have seen before. many”.
They include “elastic cloud computing, big data, internet of things, and AI or predictive analytics.”
Today, under the integration of these technical media, we have discovered the phenomenon of enterprise AI and digital transformation, and these requirements are increasingly becoming the top priority of every CEO’s agenda. Today, the global IT market exceeds 2.3 trillion US dollars.
Our sole focus is to use our technical leadership, first-mover advantage and management leadership to establish and maintain the global leadership of corporate AI. If we can succeed in this goal, we will build C3.ai into one of the world’s leading software companies.
The company calls itself “the largest corporate AI production footprint in the world.” It claims to run 1.1 billion forecasts for its clients every day, including large companies in banking, oil and gas and other industries.
Siebel brought experienced compatriots. Edward Abbo, C3’s CTO, is the CTO of Siebel Systems. Houman Behzadi (Houman Behzadi), the company’s product leader, is also a long-term executive of Siebel.
The company said that in the fiscal year ending in April, the company’s revenue was $157 million, an increase of 71% year-on-year. It lost $69 million in revenue. In the three months to the end of July, revenue increased by 16% year-on-year to US$40.5 million.
As of the end of July, the company had a cumulative loss of US$293 million.
The prospectus shows that Siebel has made a huge investment in the startup but also sold shares worth tens of millions of dollars. For example, in 2018, the company sold shares to Siebel with a loan of $25 million. Then in 2019, Siebel sold shares in two transactions, each valued at $50 million.