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C3 AI (NYSE: AI) has announced a renewed, five-year agreement with Koch Industries to expand the use of its Enterprise AI technology across various sectors. This partnership aims to enable Koch to develop custom applications using the C3 AI Application Platform and deploy several specialized applications including C3 AI Reliability and C3 AI Energy Management. Koch's analysts will also leverage C3 AI Ex Machina for AI decision-making tools. Koch Industries' CEO highlighted the success of current C3 AI applications, while C3 AI's CEO emphasized the partnership's significant financial and operational benefits.
Positive
Five-year agreement with Koch Industries extends the partnership, allowing broader use of C3 AI's technology.
Koch Industries will develop custom applications, potentially increasing revenue and operational efficiency.
Access to C3 AI Ex Machina enables Koch to create powerful AI decision-making tools.
Negative
None.
Five-year agreement enables further Enterprise AI adoption for Koch Industries companies
REDWOOD CITY, Calif.--(BUSINESS WIRE)--
C3 AI (NYSE: AI), the Enterprise AI software company, today announced the renewal and expansion of its contract with Koch Industries, one of the largest private companies in America. The new agreement extends across Koch’s diverse group of companies, building upon the existing relationship and enabling Koch to further leverage C3 AI’s technology across a variety of industries.
Under the new five-year agreement, Koch Industries will have the opportunity to build more custom enterprise applications on the C3 AI Application Platform, as well as deploy C3 AI Applications, including C3 AI Reliability, C3 AI Energy Management, C3 AI Inventory Optimization, C3 AI Supply Network Risk, C3 AI Production Scheduling Optimization, and C3 AI Sourcing Optimization. The agreement also gives Koch analysts access to C3 AI Ex Machina, a no-code solution that allows all of Koch’s companies to create powerful AI decision-making tools and analytical models.
“We’ve enjoyed significant success utilizing C3 AI applications within Koch Industries, and we are eager to build on this progress,” said Jim Hannan, EVP and CEO, Koch Enterprises. “At Koch, we are constantly looking to provide our employees with the best systems and tools, enabling them to realize their own potential while pushing the limits of AI and helping our business deliver value to our customers. Adoption of the C3 AI platform across Koch has the potential to create even greater value for our employees, businesses and capabilities, our customers and society.”
“Koch Industries is one of the most successful examples of how C3 AI delivers rapid and substantial operating and financial returns at enterprise scale,” said Thomas M. Siebel, CEO of C3 AI. “Koch Industries is transforming its companies by utilizing real-time, predictive AI from C3 AI. We are delighted to see the success Koch is having with our platform and applications, and we look forward to extending our capabilities across their entire portfolio.”
On June 2, 2020, C3 AI announced that Koch Industries had selected C3 AI as their Enterprise AI platform to enable and accelerate digital transformation at enterprise scale.
About C3.ai, Inc.
C3 AI is the Enterprise AI application software company. C3 AI delivers a family of fully integrated products including the C3 AI Application Platform, an end-to-end platform for developing, deploying, and operating enterprise AI applications, and C3 AI Applications, a portfolio of industry-specific SaaS enterprise AI applications that enable the digital transformation of organizations globally.
What is the significance of the new agreement between C3 AI and Koch Industries?
The five-year agreement allows Koch Industries to expand its use of C3 AI's technology, enhancing operational capabilities and potentially increasing revenue.
What applications will Koch Industries deploy under the new agreement?
Koch will deploy applications including C3 AI Reliability, C3 AI Energy Management, and C3 AI Inventory Optimization among others.
When was the original partnership between C3 AI and Koch Industries established?
The original partnership was announced on June 2, 2020.
How does the new agreement impact C3 AI's business?
The agreement is expected to drive significant operating and financial returns for C3 AI through its expanded application within Koch Industries.
