C3.ai
AI
recently announced a new supply chain software product in partnership with
Alphabet
GOOGL
-owned Google Cloud to address the ongoing global supply chain disruption.
The C3 AI Supply Chain Suite combines the company’s AI capabilities and Alphabet-owned Google Cloud’s data organization and orchestration power.
The product enables demand forecasting, optimized inventory and production and supplier lead time visibility, thus providing on-time, in-full customer delivery. The C3 AI Supply Chain Suite leverages the power and infrastructure of Google Cloud products, including Google BigQuery, Google Kubernetes Engine and Vertex AI.
C3.ai has also been awarded the Google Technology Partner of the Year award for 2021, under the artificial intelligence and machine learning category. The company has been recognized for its efforts within the Google Cloud ecosystem to accelerate the deployment of Enterprise AI applications across industries.
Partner Base Expansion To Drive Prospects
Strategic partnerships and user base expansion have been key catalysts for C3.ai’s prospects. The total number of C3.ai enterprise customers at the end of fiscal 2022 was 223, up 48% year over year in the last reported quarter.
C3.ai continues to expand its enterprise AI footprint in Agriculture, Manufacturing, Life Sciences, Oil and Gas, Chemicals, Insurance and many others. The company has also witnessed a robust adoption of its flagship solution, C3 AI Suite, across all industries, as it runs on all three major clouds in the addressable market.
In the fourth-quarter fiscal 2022, bookings from the rapidly expanding Oil and Gas market segment grew 95% year over year. Bookings from the non-Oil and Gas segments — including utilities, banking, manufacturing, agriculture, defense, aerospace, energy efficiency, ESG — grew 116% year over year. The trend is likely to have continued in the near term.
Earlier this month, the company renewed and expanded its contract with a Koch Industries Inc. subsidiary. Koch Industries is one of the largest privately-held multinational conglomerates in America. The agreement, which extends across the diverse business of Koch Industries, enables Koch to further leverage C3.ai’s technology across a variety of industry verticals.
The company also partnered with
Shell
SHEL
,
LyondellBasell
LYB
and Raytheon Technologies, San Mateo County Sheriff’s Office, Cargill, among others.
Earlier this year, C3.ai was chosen by Shell, the global oil and gas company, to scale its predictive maintenance program globally. Per the agreement, Shell used C3.ai’s solutions to monitor and maintain more than 10,000 pieces of equipment across its global assets base.
Last year, Shell expanded its five-year strategic agreement with C3.ai to deploy its enterprise AI and ML applications across Shell’s business to improve asset integrity, reliability and process optimization.
Around the same time, C3.ai announced a five-year expansion of its agreement with LyondellBasell, the global chemical company. Per the agreement, C3.ai will accelerate the deployment of data-driven AI and machine-learning applications on the C3 AI Suite across LyondellBasell.
Raytheon selected C3 AI to enhance its Multi-Spectral Targeting System, using applications including C3 AI Process Optimization, C3 AI Supply Network Risk and C3 AI Inventory Optimization.
These deals will boost C3.ai’s top-line growth in fiscal 2023 and beyond. For full-year fiscal 2023, C3.ai expects revenues between $308 million and $316 million. The Zacks Consensus Estimate for the same is pegged at $311.98 million, indicating 23.43% growth from the figure reported in fiscal 2022.
Shares of this Zacks Rank #3 (Hold) company are down 47.4% year to date compared with the Zacks
Computers- IT Services
industry fall of 33.2% and the Zacks
Computer and Technology
sector’s decline of 31.8%.
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