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AI Software Provider C3.ai Eyes IPO

Enterprise artificial intelligence (AI) software provider C3.ai has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO).

The company intends to list its Class A common stock on the ticker symbol “AI” on the New York Stock Exchange, according to a press release. The lead book-running managers are Morgan Stanley, J.P. Morgan and BofA Securities, with Deutsche Bank Securities acting as another book-running manager for the proposed offering, the release stated. Co-managers including Canaccord Genuity, JMP Securities, KeyBanc Capital Markets, Needham & Company, and Piper Sandler are also involved.

“Our singular focus is to leverage our technology leadership, first-mover advantage, and management leadership to establish and maintain a global leadership position in Enterprise AI,” C3.ai Founder and CEO Thomas M. Siebel wrote in the registration statement. “Should we succeed at that objective, we will have built C3.ai into one of the world’s great software companies.”

In separate news, Lisa Shields, founder and CEO of FISPAN, spoke with PYMNTS about the way newer technologies can help to capture data. She talked about side effect data, which is information that isn’t intentionally shared but is still available to third parties.

This type of information feeds AI models and answers questions such as “what’s the probability that a company with 70 employees will be engaging a real estate broker in the next six months?” Shields said.

When used in connection with the intentionally or explicitly shared information, side effect data can help to add more insight, according to Shields. She said that kind of data could be mined further, with more access to data about who the vendor is and what the relationship between the buyer and seller entails. That kind of information could provide more depth for banks to offer better services to customers in the future.

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