(Bloomberg) -- Billionaire Thomas Siebel has raised $70 million for his data analytics startup C3 IoT as investor enthusiasm for the so-called Internet of Things begins to wane.

TPG Capital's growth arm led the financing with a $60 million contribution. Sutter Hill Ventures, InterWest Partners and Siebel also participated in the round. Siebel and TPG declined to disclose the company's valuation.

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