C3.ai AI recently announced a partnership with data cloud company, Snowflake SNOW. The partnership aims to integrate the latter’s unique architecture - that enables customers to run their data platforms seamlessly across multiple clouds and regions at scale - with C3 AI’s robust enterprise AI development suite and family of industry-specific enterprise AI applications and deliver next generation Enterprise AI Applications at scale.
Per the agreement, customers of Snowflake will have access to the C3 AI's AI Suite and pre-built AI applications, which address a range of industries and use cases.
The company’s data virtualization capabilities will allow Snowflake customers to quickly unlock value from their investments in Snowflake without replicating data.
Moreover, applications configured using the C3 AI Suite will also realize increased performance with Snowflake’s support for external functions and native query caching.
C3.ai, Inc. Price and Consensus
C3.ai, Inc. price-consensus-chart | C3.ai, Inc. Quote
Increased Adoption of Product Suite To Aid Top Line
C3.ai is benefiting from robust demand for its Enterprise AI software, driven by accelerated digital modernization across major industries in response to changes in the economic environment.
C3.ai’s cloud-native software offerings allow the company to manage, update, and monitor the software regardless of whether the software is deployed in the public cloud environment, in customer’s self-managed private or public cloud environments, or in a hybrid environment.
The company continues to accelerate customer momentum and has expanded its enterprise AI footprint in Defense and Intelligence, Financial Services, Manufacturing, Oil & Gas, Utilities, and Energy Sustainability, with new enterprise production deployments at the United States Air Force, Koch Industries, MEG Energy, Duke Energy, and ENGIE.
Large financial institutions like Bank of America BAC and Standard Chartered Bank have successfully deployed the company's AI solution set within their respective organizations. Markedly, the total number of C3.ai enterprise customers at the end of fiscal fourth-quarter 2021 was 89, up 82% year over year.
Recently, Shell signed a five-year renewal agreement with C3.ai to accelerate the deployment of enterprise AI and ML applications on the C3 AI Suite across Shell. The agreement adds validity to its Open AI Energy Initiative (OAI) launched earlier this year to bring AI solutions to the energy industry, powered by the BHC3 AI Suite & Microsoft Azure.
Additionally, an expanding product portfolio is expected to have remained a key catalyst in driving demand for the company’s fully integrated AI products in the near term.
This Zacks Rank #3 (Hold) company released BHC3 Production Schedule Optimization application for demand planning & manufacturing production, in partnership with Baker Hughes BKR, which is expected to further boost user adoption in the near term. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Moreover, C3 AI entered into a strategic alliance with Infor, an ERP technology cloud leader, to jointly expand enterprise-class AI solutions across applicable industries to extend Infor’s native machine-learning capabilities.
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