Connected operations cloud startup Samsara files IPO paperwork
The number of shares to be issued or the amount the company is seeking to raise was not disclosed. Yahoo Finance noted that the IPO is expected to take place after the SEC completes its review.
Founded in 2015, Samsara offers a cloud-based platform that allows businesses that depend on physical operations to harness “internet of things” data to develop insights and improve operations. The company’s portfolio of IoT solutions combines hardware, software and cloud to bring visibility, analytics and artificial intelligence to operations.
Samsara says its mission is to increase the safety, efficiency and sustainability of the operations that power the economy. “We believe that inexpensive wireless data, AI and an explosion in camera technology has made it easier for organizations of all types to gather data in ways not possible before,” the company said. “But that data is disconnected, challenging to adopt, and complex to analyze. We want to change that.”
The company’s suite of solutions includes vehicle telematics, driver safety, mobile workflow and compliance, asset tracking and industrial process controls integrated into an open, real-time platform. Customers use Samsara to lower fuel consumption, prevent accidents, automate manual processes and improve product quality.
Samsara was founded by the co-founders of Meraki, a company acquired by Cisco Systems Inc. for $1.2 billion in 2012. It claims more than 20,000 customers from emerging businesses to Fortune 500 enterprises. Customers are in areas such as transportation and logistics, field services, food production, energy, construction, local governments and manufacturing.
In February, Samsara announced that it had surpassed $300 million in run-rate subscription revenue in its fiscal fourth quarter, for more than 80% annual growth.
Coming into its IPO, Samsara has raised $930 million in funding, according to data from Crunchbase. Investors include Andreessen Horowitz, Tiger Global Management, Dragoneer Investment Group, General Catalyst, General Atlantic, Warburg Pincus, AllianceBernstein and Raison Asset Management.
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