UPDATED 22:35 EDT / APRIL 05 2018

BIG DATA

Report: Business intelligence unicorn Domo is planning to go public

Business intelligence startup Domo Inc. is planning to go public according to a report published Thursday.

Recode, quoting sources, said Domo held an “organizational meeting” last week, which “generally serves as the formal kickoff in advance of an IPO filing with the Securities and Exchange Commission.” The report also claimed that the company is pursuing a confidential filing with the SEC but noted that it isn’t clear if the company has already filed or will do so within the next few weeks.

The IPO would be the latest in a recent surge that has Silicon Valley and Wall Street alike hoping that a years-long drought in new offerings is finally breaking. Several major companies such as SurveyMonkey Inc. also have either already filed their paperwork or are rumored to be filing soon. Music streaming giant Spotify Technologies SA went public this week, albeit in an unusual offering that involved no new shares.

Cloud storage company Dropbox Inc. also went public last week, the same day that Pivotal Software Inc. filed the paperwork for its own IPO. That followed Zscaler Inc. March 16.

DocuSign Inc. also filed for an IPO on March 28, and on Monday tech education startup Pluralsight LLC filed as well. “It’s very clear that we’re now in the real wave of IPOs,” Box Inc. Chief Executive Aaron Levie told SiliconANGLE a few days ago.

Founded in 2010 by former Omniture Chief Executive Officer Josh James, Domo offers a cloud-based data visualization platform that is aimed at streamlining the analytics dashboard creation process from start to finish.

One of Domo’s most distinguishing features is said to be a catalog of ready-made apps and dashboards designed to address specific business use cases. The mobile client that Domo offers to help track social media activity, for instance, lets marketers check how their brand’s profiles stack up against the competition using a native comparison tool.

Coming into the IPO, Domo has raised a very large $689.7 million, including rounds of $200 million in April 2015, $131 million in March 2016 and $100 million in April 2017, giving it a reported valuation of $2.3 billion. Investors include a veritable Who’s Who of tech venture capital firms, including Salesforce Ventures, Institutional Venture Partners, Greylock Partners, Dragoneer Investment Group, Viking Venture Management, Blackrock, Andreessen Horowitz, Glynn Capital and GGV Capital.

Image: Domo

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