Enterprise AI provider C3 AI is exploring a potential sale or strategic alternatives following the departure of founder and long-time CEO Thomas Siebel due to health issues, sources revealed.
The company, valued at $2.15 billion, is also weighing options such as raising private investment as it navigates a period of uncertainty marked by declining stock performance and leadership transition.
C3 AI reported a net loss of $116.8 million and a 19% revenue decline in its fiscal first quarter. The company also withdrew its financial guidance in September amid a restructuring of its operations.
Stephen Ehikian, formerly with Salesforce, took over as CEO on September 1. Siebel, who remains executive chairman, disclosed that he suffers from an autoimmune condition affecting his vision.
Founded in Redwood City, California, C3 AI supplies AI solutions to clients including Shell and the U.S. Air Force, competing with Palantir Technologies in the government and energy sectors.
