Artificial Intelligence: An IPO, And An Acquisition
C3.ai files to go public. Snap acquires Voca.ai.
C3.ai, the software company launched by former Oracle executive Tom Siebel, filed papers for an IPO sized $100 million. Siebel and PE giant TPG are the major shareholders in C3.ai.
The company intends to list on the New York Stock Exchange under the ticker symbol AI. (ZDNet.com)
Re-inventing CRM using AI
C3.ai was in the news last month after it joined hands with Microsoft Corp. (NASDAQ: MSFT), and Adobe Inc. (NASDAQ: ADBE) to launch C3 AI® CRM powered by Microsoft Dynamics 365.
The three companies are challenging SalesForce.com (NYSE: CRM) with a product that integrates Microsoft Dynamics 365, Adobe Experience Cloud (including Adobe Experience Platform), and C3.ai’s AI models.
“A general-purpose CRM system of record is no longer sufficient,” said Thomas M. Siebel, CEO of C3.ai, at the time. “Customers today demand industry-specific, fully AI-enabled solutions that provide AI-enabled revenue forecasting, product forecasting, customer churn, next-best product, next-best offer, and predisposition to buy.”
Oracle (NYSE: ORCL) acquired Siebel-founded Siebel Systems in 2006 for $5.85 billion. Siebel then founded C3 in 2009.
The amount of $100 million indicated as the size of C3’s IPO is a placeholder and may change. The company has not decided on the number of shares to be offered and their price.
The company has so far raised over $200 million in financing. It achieved a valuation of $3.3 billion in the latest funding round.
Snap acquires Israeli IA startup
Voca.ai has developed technology that replaces human agents in company call centers. The “bot” trains by hearing recordings between call center employees and customers.
Snapchat launched a voice command function in June that allows users to request specific filters that can alter their appearance.
Related Story: A Big Fundraise, And An Acquisition, In Cybersecurity
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