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.
C3 plans to list under the ticker “AI” on The New York Stock Exchange. The number of shares to be offered and the price range for the proposed offering have not yet been determined, C3 said.
Siebel, who was recruited to database giant Oracle in 1983, later founded the eponymous enterprise customer relationship management software firm in 1993. He sold that company to Oracle in 2006 for $5.85 billion, and went on to found C3 in 2009.
Salesforce has long been the dominant name in customer relationship management software. But the CRM industry was actually invented in the 1990’s by billionaire Tom Siebel.
Now Siebel’s current company, a startup called C3.ai valued at $3.3 billion, has joined forces with Adobe, and Microsoft to take on Salesforce with industry-specific, AI-backed CRM.
Siebel tells Business Insider he’s confident he can win this market because Salesforce has “been talking about AI for about a decade,” he said. “It’s all marketing and very little technology.”
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In 1993, Tom Siebel launched Siebel Systems. Soon after, in 1995, the company introduced Siebel Sales Enterprise, the world’s first customer management software — a tool that at-the-time helped salespeople keep track of interactions with current and potential clients.
It was the start of what would become a growing $80 billion market called “customer relationship management” (CRM) — one