SymphonyAI Targets Second Half 2025 IPO with $500 Million Revenue Run Rate

SymphonyAI targets second half 2025 IPO with $500 million in revenue run rate

July 16 (Reuters) - SymphonyAI, a U.S. artificial intelligence company whose products help the likes of Pepsi predict demand and financial companies spot fraud, is preparing to go public in the second half of next year, its chief executive said in an interview. Sanjay Dhawan, CEO at SymphonyAI, said the firm is in talks with banks but declined to disclose details or stages of preparations. The plan to list publicly came as SymphonyAI reached $500 million in revenue run rate last year and achieved profitability, after growing revenue at a rate of about 25%, according to Dhawan. The firm, founded seven years ago by tech billionaire Romesh Wadhwani, is hoping a public listing could provide liquidity for executives and employees, as well as access to additional capital for mergers and acquisitions. The U.S. IPO market has started to show signs of recovery this year, with 86 IPOs raising $17.8 billion in the first six months, according to data from EY. KKR-backed enterprise finance platform OneStream announced on Monday plans to raise $465.5 million in an IPO later this month, which could help others gauge how the market values software companies. Dhawan, who previously ran publicly traded automotive AI firm Cerence, said SymphonyAI is already meeting public company compliance standards, with KPMG as auditors and an independent board. The timing of listing could still change, depending on business and market conditions, he added. "Going public is one milestone in a journey. Once we identify a use case that we can disrupt with AI, we use M&A as a mechanism to add a volume of customers, which we can transform with AI," Dhawan said. Wadhwani, who is chairman of the company after pouring $600 million into the SymphonyAI, remains the largest shareholder. Headquartered in Palo Alto, California, SymphonyAI serves more than 2,000 customers, including PepsiCo and Citadel. Predictive AI remains central to the company's products, although it has added generative AI features. With more than 3,000 employees across 30 countries, SymphonyAI competes with C3.AI, which has a market cap of nearly $4 billion with about $310 million in annual revenue. "We want to pick very specific industries and create these turnkey solutions, which are AI based applications, for our enterprise customers," Dhawan said. (Reporting by Krystal Hu in San Francisco, Editing by Louise Heavens)

SymphonyAI targets second half 2025 IPO with $500mln in revenue run rate

SymphonyAI, a U.S. artificial intelligence company whose products help the likes of Pepsi predict demand and financial companies spot fraud, is preparing to go public in the second half of next year, its chief executive said in an interview. Sanjay Dhawan, CEO at SymphonyAI, said the firm is in talks with banks but declined to disclose details or stages of preparations. The plan to list publicly came as SymphonyAI reached $500 million in revenue run rate last year and achieved profitability, after growing revenue at a rate of about 25%, according to Dhawan. The firm, founded seven years ago by tech billionaire Romesh Wadhwani, is hoping a public listing could provide liquidity for executives and employees, as well as access to additional capital for mergers and acquisitions. The U.S. IPO market has started to show signs of recovery this year, with 86 IPOs raising $17.8 billion in the first six months, according to data from EY. KKR-backed enterprise finance platform OneStream announced on Monday plans to raise $465.5 million in an IPO later this month, which could help others gauge how the market values software companies. Dhawan, who previously ran publicly traded automotive AI firm Cerence, said SymphonyAI is already meeting public company compliance standards, with KPMG as auditors and an independent board. The timing of listing could still change, depending on business and market conditions, he added. "Going public is one milestone in a journey. Once we identify a use case that we can disrupt with AI, we use M&A as a mechanism to add a volume of customers, which we can transform with AI," Dhawan said. Wadhwani, who is chairman of the company after pouring $600 million into the SymphonyAI, remains the largest shareholder. Headquartered in Palo Alto, California, SymphonyAI serves more than 2,000 customers, including PepsiCo and Citadel. Predictive AI remains central to the company's products, although it has added generative AI features. With more than 3,000 employees across 30 countries, SymphonyAI competes with C3.AI, which has a market cap of nearly $4 billion with about $310 million in annual revenue. "We want to pick very specific industries and create these turnkey solutions, which are AI based applications, for our enterprise customers," Dhawan said. (Reporting by Krystal Hu in San Francisco, Editing by Louise Heavens)

SymphonyAI targets second half 2025 IPO with $500 million in revenue run rate

The plan to list publicly came as SymphonyAI reached $500 million in revenue run rate last year and achieved profitability, after growing revenue at a rate of about 25%, according to Dhawan. The firm, founded seven years ago by tech billionaire Romesh Wadhwani, is hoping a public listing could provide liquidity for executives and employees, as well as access to additional capital for mergers and acquisitions. The U.S. IPO market has started to show signs of recovery this year, with 86 IPOs raising $17.8 billion in the first six months, according to data from EY. KKR-backed enterprise finance platform OneStream announced on Monday plans to raise $465.5 million in an IPO later this month, which could help others gauge how the market values software companies. Dhawan, who previously ran publicly traded automotive AI firm Cerence, said SymphonyAI is already meeting public company compliance standards, with KPMG as auditors and an independent board. The timing of listing could still change, depending on business and market conditions, he added. "Going public is one milestone in a journey. Once we identify a use case that we can disrupt with AI, we use M&A as a mechanism to add a volume of customers, which we can transform with AI," Dhawan said. Wadhwani, who is chairman of the company after pouring $600 million into the SymphonyAI, remains the largest shareholder. Headquartered in Palo Alto, California, SymphonyAI serves more than 2,000 customers, including PepsiCo and Citadel. Predictive AI remains central to the company's products, although it has added generative AI features. With more than 3,000 employees across 30 countries, SymphonyAI competes with C3.AI, which has a market cap of nearly $4 billion with about $310 million in annual revenue. "We want to pick very specific industries and create these turnkey solutions, which are AI based applications, for our enterprise customers," Dhawan said. (Reporting by Krystal Hu in San Francisco, Editing by Louise Heavens)

SymphonyAI seeks to go public during second half of 2025: report

SymphonyAI, which offers predictive and generative artificial intelligence software-as-a-service platforms for enterprises, plans to make an initial public offering as soon as the second half of next year, according to a report by Reuters. SymphonyAI CEO Sanjay Dhawan said he decided to pursue taking the company public after it achieved profitability last year on a $500M revenue run, according to the report. The Palo Alto-based firm recently received the 2024 AI Innovation Partner of the Year award from Microsoft (MSFT) for its work in financial crime risk management. SymphonyAI, founded in 2017, has a global workforce of more than 3,000, and has created enterprise AI use cases for an array of corporations ranging from Coca-Cola (KO) to Warner Brothers (WBD). One of its direct competitors is C3.ai (NYSE:AI), which went public in December 2020. On Monday, OneStream Software (OS), filed to go public, adding to the growing list of tech firms seeking an IPO. More on C3.ai C3.ai Could Be Starting Another Growth Cycle C3.ai: Acceleration Continues, Buy On The Upswing C3.ai: Riding The AI Wave, With Fading Margins? Not I C3.ai appoints Merel Witteveen as interim COO Biggest stock movers today: BBY, KSS, CRM, PATH, and more

Predictive AI Company SymphonyAI Aims for 2025 IPO

The company, whose predictive and generative AI tools can help financial services firms spot fraud and retail companies gain insights into supply chains, is in talks with banks about an initial public offering (IPO), CEO Sanjay Dhawan told Reuters Tuesday (July 16). Symphony is targeting an IPO for the second half of the year, with the company hoping to bring in liquidity to help fund mergers and acquisitions (M&A), the report said. However, the schedule could change depending on the market. "Going public is one milestone in a journey," Dhawan said, per the report. "Once we identify a use case that we can disrupt with AI, we use M&A as a mechanism to add a volume of customers, which we can transform with AI." The IPO plan comes as SymphonyAI reached $500 million in revenue run rate during 2023 and achieved profitability, after increasing revenue at a rate of about 25%, according to the report. SymphonyAI serves more than 2,000 customers, Pepsi and Citadel among them, the report said. Predictive AI is central to the company's offerings, although it has added generative AI features. "We want to pick very specific industries and create these turnkey solutions, which are AI-based applications, for our enterprise customers," Dhawan said. PYMNTS took a closer look at predictive AI earlier this year in an interview with Pecan CEO and co-founder Zohar Bronfman. "Large language models in general are extremely good at interacting with humans, gathering data, and making knowledge and data accessible," he told PYMNTS in March during a conversation for the AI Effect series. "They are the best technology humanity has ever made that helps make knowledge accessible." However, Bronfman added that these models are not specifically built for making predictions, which has traditionally been a key aspect of AI. But by combining predictive AI's forecasting and data crunching capabilities with intuitive, human-centric generative AI interfaces, prediction and accessibility can be reached. "Predictive AI helps you make estimations about the likelihood of certain future events," Bronfman said. "LLMs make semantic, or language-related, information accessible in an extremely user-friendly manner."