The market for artificial intelligence is growing unstoppably, and C3.ai, a leading provider of AI application software, is expanding its strategic collaboration with Silicon Valley giant Amazon. The goal of the partnership is to support customers in effectively utilizing AI to create more efficient processes and save valuable resources. Since 2016, AWS, Amazon's cloud computing unit, and C3.ai have been working together to combine the scalability, innovation, and agility of Amazon Web Services with C3.ai's advanced software.
All products of the AI specialist, including the C3 Generative AI Suite, the C3.ai platform, and the industry-specific applications, run on the AWS platform and utilize AWS's AI, ML, and data analysis services. Starting now, these solutions are also available on the AWS Marketplace to provide organizations in various industries, including manufacturing, energy and utilities, consumer goods, as well as federal, state, and local government administrations, with quick and easy access to generative AI solutions.
"We are delighted with the continuous enthusiasm for our C3 Generative AI Suite, and as the interest continues to grow, we are focusing on creating a smooth onboarding process so that our mutual customers can immediately benefit from the advantages of generative AI," explains Thomas M. Siebel, Founder and CEO of C3.ai. "Our teams are working closely together to develop highly integrated solutions that enable organizations to increase efficiency through faster data access and analysis, and accelerate value creation by rapidly involving many users," he adds.
Despite the seemingly unwavering hype surrounding artificial intelligence, C3.ai recently suffered losses. In the first quarter of the fiscal year 2024, the company was able to increase its revenue by 10.79% to $72.4 million, but ultimately still incurred a loss of $0.09 per share.
In comparison to the previous year's quarter (-0.12 US dollars), this loss, however, was minimized and also exceeded the analysts' expectations (-0.173 US dollars per share). Despite the ongoing challenges, C3.ai remains confident that the expanded collaboration with AWS will help to further strengthen the company's growth and profitability.
