Redwood City, California-based C3 IoT, a provider of smart city and IoT technology is getting a cash injection from the growth equity arm of Texas-based TPG and other tech investors. C3 closed a $100 million financing room with investments from TPG Growth, Breyer Capital, Sutter Hill, Pat House, and C3 founder Thomas M. Siebel.
Also joining the round was The Rise Fund, a $2.1 billion impact investing fund co-founded by Bill McGlashan, Bono, and Jeff Skoll and managed by TPG Growth. The fund invested noting that C3 IoT provides several AI-based product offerings that deliver environmental and social benefits, such as energy management and precision health solutions.
C3 IoT offers a data platform and pre-made IoT applications to make networks work more efficiently. The company also partners with geospatial, networking and applications developers for applications on their platform.
In November 2017, C3 IoT was selected to provide the AI and IoT software platform for rapidly delivering a new AI-based predictive maintenance solution for the U.S. Airforce, starting with the E-3 Sentry (AWACS) and the F-15 aircraft.
The investment from TPG Growth comes from it’s most recent fund – TPG Growth IV a $3.7 billion fund that closed to outside investors in December after four months of fundraising. TPG Growth IV is larger than its predecessor fund which closed on $3 billion in 2015.
Known investors in the fund include the State Investment Council of New Jersey; the State Investment Council of New Mexico; the Louisiana Teachers’ Retirement System and Florida State Board of Administration (FSBA).