CEO Tom Siebel Doesn't Want C3.ai to go Public Just Yet
Founder of AI startup C3.ai, Tom Siebel told Business Insider during an interview that his company brought in $160 million in revenue last year. The company recorded an average deal size of $9 million, and Seibel says C3.ai has transactions in “up to $50-million-dollar increments.” The company received $360 million in venture capital, and produces predictive analytics systems to aid organizations such as the Air Force and Shell.
Siebel said, “We did about $160 million in revenue last year, and we're growing at about an 80% compound annual growth rate, so pretty rapidly…(the company is) structurally a profitable business, so I can throw this into profitability at the turn of a lever. Right now there's no point in being profitable, because we're not public.”
While the numbers point to possible Wall Street investments and an IPO, Siebel said, “When the economy comes out of this, which I would hope would be, you know, '21 or '22, I think this is going to be a really powerful company. That's when I would like to take this company public. I'm not, you know, 21 years old and didn't graduate from college yesterday. I'm not looking for my 15 minutes. We want to build, you know, a really high-quality company.”
Speaking on the current economic situation, Siebel said, “Nobody cares about high-tech companies, with all due respect. And by the way, nobody cares about Boeing or American Airlines either...small and medium businesses are getting wiped out, and small businesses in the United States are 40% of our GDP.”