C3.ai, machine learning startup backed by software pioneer Tom Siebel, files for IPO
Summary
C3.ai, the artificial intelligence services company founded by software pioneer Tom Siebel, Friday evening filed for an initial public offering of $100 million worth of its shares, led by investment banks Morgan Stanley, JP Morgan, and Bank of America. Siebel, who was recruited to database giant Oracle in 1983, later founded the eponymous enterprise customer relationship management software firm in 1993. They include, "elastic cloud computing, big data, the internet of things, and AI or predictive analytics." It claims to be running 1.1 billion predictions per day for its clients, which have included large firms in banking and oil and gas and other industries. The prospectus indicates Siebel has heavily invested in the startup, but also sold stock worth tens of millions.