According to a recent report, the global Artificial Intelligence (AI) market is estimated to grow at 21% CAGR from 2021–2025. Tom Siebel’s C3.ai (NYSE: AI) is helping address this high-growth market through partnerships with big tech.

C3.ai’s Financials

C3.ai’s first-quarter revenues grew 29% to $52.4 million, ahead of the market’s estimate of $51 million. Non-GAAP loss per share of $0.23 surpassed the Street’s estimates of $0.32.

Its subscription revenues grew 29% to $46.1 million. Professional service revenues grew 31.24% to $6.3 million.

For the second quarter, C3.ai expects revenues of $56-$58 million, compared with the market’s forecast of $65.64 million. For the full year, C3.ai forecast revenues of $243-$247 million, compared with the market’s forecast of $246.01 million.

C3.ai’s Partnership Expansion

Recently, C3.ai announced a partnership with Google Cloud to integrate technologies and go-to-market initiatives from both C3.ai and Google Cloud. The tie-up will include coordinated software development as well as joint marketing, selling, and customer-success programs at a global scale to accelerate enterprise AI adoption across enterprises. Both companies will synchronize software engineering plans and activities to assure that the Google Cloud, Google Cloud Applications, the C3.ai Suite, and enterprise applications are fully optimized and tightly integrated. Together, they will engage in significant ongoing market development activities and will coordinate sales and service activities globally to assist small, medium, and large enterprise customers to accelerate the adoption and time-to-value of their enterprise cloud AI applications.

C3.ai already has a similar partnership with Microsoft, and it has seen strong results due to the tie-up. During the first quarter, it announced its plans to continue to invest in the partnership with Microsoft, which has helped it close deals worth over $200 million to date and is helping it significantly expand the pipeline of opportunities.

Besides partnerships with tech players, C3.ai also entered into several partnerships with educational institutions. Last quarter, it continued to invest in university partnerships at UC Berkeley, the University of Illinois Urbana-Champaign, Princeton, MIT, Carnegie-Mellon, Stanford, and KTH in Sweden to accelerate research into the new science of digital transformation.

Analysis of C3.ai’s Growing Partnerships

C3.ai has built itself as a Platform company with a strong ecosystem through its various partnerships. It has partnered with leading cloud, technology, and services companies to solve business problems with patented AI and IoT solutions. Its partners collectively consist of over 3‚000 people in North America‚ Europe‚ and Asia, who are working together on data engineering‚ data science‚ and application development on the C3 AI Suite. Besides technology partners, the broad array of system integrator partners includes names like CMC, Neal Analytics, and BGP. These partners are leveraging C3.ai for its several use-cases and finding benefits in C3.ai’s capabilities to act as the missing link in deploying end-user applications in data science. Some of these partners are also vertical-focused players. For instance, its alliance with Raytheon Intelligence & Space is focused on the digital transformation of the military; and the alliance with Baker Hughes is targeted at the oil and gas sector.

C3.ai’s stock is currently trading at $47.06 with a market capitalization of $4.89 billion. It touched a 52-week high of $183.90 in December last year. The stock had fallen to a 52-week low of $44.35 in August. C3.ai had listed in December last year when it raised $651 million by selling stock at $42 apiece. Its valuation at the time of listing was $9.6 billion.