A data analytics startup has raised a sizeable round of funding. C3 IoT secured $70 million.
The company, founded in 2008, helps businesses collect and analyze data from Internet of Things devices, such as smart appliances.
C3 IoT was founded by billionaire Thomas Siebel, who was an executive at Oracle before he left to launch a company that he later sold to Oracle for nearly $6 billion.
TPG Capital’s growth arm—which has bought into Uber and Airbnb—invested $60 million into the round. C3 IoT has estimated annual revenue of $50 million.