House sees her enterprise AI firm go public after raising $651 million

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A venture-backed enterprise AI software provider co-founded by Patricia House and whose board includes former U.S. Secretary of State Condoleezza Rice goes public. C3.ai raised $651 million by pricing 15.5 million shares at $42 a share. The company had an initial market capitalization of $4 billion and is listed on the NYSE under the symbol AI.

The Redwood City, Calif. company is focused on building enterprise-scale AI applications and accelerating digital transformation. Patricia, who is vice chairman, founded the company in 2009 with Tom Siebel, with whom she co-founded Siebel Systems. She owned 2 percent of the company prior to the offering.

Condoleezza has served on the board since December 2009. She is a director of the Hoover Institution at Stanford University and a professor for the Stanford Graduate School of Business.

For the fiscal year ended April 30, C3.ai reported a net loss of $69 million on revenue of $157 million. 

TPG was the largest investor prior to the offering with a 22.6 percent stake. Baker Hughes owned 15.1 percent. Others who have invested in the company include BlackRockSutter Hill VenturesBreyer CapitalInterWest Partners, Makena Capital Management and Wildcat Venture Partners. .

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