C3 IoT firmly in unicorn club with latest financing
March 06, 2017
C3 IoT, which offers an enterprise platform for the development and deployment of Big Data, AI and IoT applications, has closed a new Series E round at a valuation of $1.4 billion. The investment was led by Breyer Capital and joined by several other investors, including Wildcat Venture Partners and
existing backers Sutter Hill and TPG. Founded in 2009, the Bay Area-based company had previously raised about $130 million in equity funding, most significantly a $70 million financing in 2016.
From an investment standpoint, the IoT industry has been picking up speed over the last several years. VC funding in the space held steady in the $560 million to $590 million range from 2010 to 2013, then surged to roughly $875 million in 2014, according to the PitchBook Platform. The uptick has continued since then; by 2016, total capital invested in the industry had almost tripled from 2013 levels, to almost $1.5 billion. Some IoT companies that have received big funding rounds include home thermostat maker Nest and Ring, the developer of a security-enabled doorbell.
Interested in learning more about the IoT space? Check out our IoT Breakdown for a detailed look at exit activity, top investors, notable companies and more.