Thomas Siebel’s C3.AI announces initial public offering: Hopes to raise as much as $589 million!

This Monday morning, the artificial intelligence software company C3.AI became the latest of AI startups to announce an initial public offering this week to boost its expected price target. The company hopes its expected price target will raise from $36 to $38 per stock. IPO date: December 9, 2020 (Wednesday).

The demonstrated suite offers far-reaching types of assistance to assemble venture scale AI applications more productively and cost-successfully than substitute methodologies. The shares are expected to begin trading today on the New York Stock Exchange(NYSE) under the ticker symbol “AI” and the offering is expected to close on December 11, 2020, subject to customary closing conditions.

The Redwood City, California-based is a leading enterprise AI software provider. The company enables the deployment of enterprise-scale AI applications of “extraordinary scale and complexity that offer significant social and economic benefit,” according to its S-1 filing. funding has raised a total of $228.5 million since its foundation in 2009. Some of the noteworthy investors of include Slutter Hill Ventures, TPG, The Rise Fund, Breyer Capital Wildcat Venture Partners, as well as a list of artificial intelligence companies. The founders, Pat House and Thomas Siebel also invested a lot in

As per the valuation, the company experienced net losses of approximately $33.3 million for its fiscal year which ended April 30, 2019, and $69.4 million for the fiscal year which ended on April 30, 2020. As of April 30, the company reported an accumulated deficit of $293.6 million. Also, as per, its top three customers accounted for 34 percent of revenue in 2019. This figure rose to 44 percent in 2020.

Even with the aforementioned developments, the company is listed among the best artificial intelligence software 2020 and is the world’s leading provider of enterprise artificial intelligence(AI).

The demonstrated suite offers thorough types of assistance to assemble venture scale AI applications more productively and cost-successfully than substitute methodologies. The suite supports the value chain in any enterprise with prebuilt, customizing-friendly, optimal AI applications. These features play a crucial role in predictive maintenance, fraud detection, sensor network health, supply network optimization, energy management, anti-money laundering, and customer engagement.

The public-market introduction of IPO could now esteem the firm at up to $3.7 billion, a climb of generally 12% from its last private valuation of almost $3.3 billion in September 2019. At the current share price, the company is sure to rake in lots of investors and public traffic.

What to watch for

The home-rental startup, Airbnb is also offering its shares for $56 to $60 each in its public debut slated for this Thursday, up from the previously planned range of $44 to $50.

Meanwhile, DoorDash also hopes to raise as much as $3.1 billion on Wednesday. This up-sized planned  offering could value the firm at $35 billion

The Big Number

The six offerings announced so far for this month are on track to raise $9 billion, the most for a December ever since $8.3 billion was raised in 2001 and 2003