Artificial intelligence firm SymphonyAI is reportedly planning to go public next year.
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.”
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