Predictive AI Company SymphonyAI Aims for 2025 IPO

SymphonyAI

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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CFPB Firings On Hold Amid Lawsuit Against Trump Layoffs

The Consumer Financial Protection Bureau’s (CFPB) acting director has reportedly agreed to pause a mass firing of agency employees.

As ABC News reported Friday (Feb. 14), attorneys for Russell Vought, acting director of the CFPB, reached an agreement during a court conference to postpone the firings amid a lawsuit challenging the regulator’s dismantling.

The agreement bars the CFPB from firing employees for reasons not related to their work performance or conduct, and also blocks the Trump administration from trying to shift funding away from the consumer protection agency.

According to the report U.S. District Judge Amy Berman Jackson said she will consider issuing a longer-term preliminary injunction at a hearing on March 3. Her ruling came after the CFPB cut its probationary workers as part of the Trump administration’s wide-ranging layoffs.

Unions representing the employees and suing the administration alleged in a court filing that Vought planned to fire more than 95% of CFPB staff. They argued that cuts of this size — or the end of the CFPB altogether — could have drastic consequences for American consumers.

Under the court ruling, the White House is also barred from destroying or altering sensitive records kept by the CFPB.

This came after former CFPB Chief Technologist Erie Meyer alleged in a legal filing that administration officials were preparing to delete databases holding the agency’s data, such as compliance and enforcement records.

“Reports that I have received from within the Bureau reliably indicate that databases holding the CFPB’s data will soon be deleted,” Meyer said in the filing. “If that happens, it would result in the immediate and irrevocable loss of data essential to the agency’s core mission.”

Vought last weekend froze all of the CFPB’s supervisory and examination activities, while also shutting down the bureau’s office and ordering workers to stay home. He’s also pledged to halt the agencys funding, saying he had told the Federal Reserve that the CFPB would not take its next draw of appropriated funding because it wasn’t necessary to fulfill its duties.

The suspension of work by the CFPB left the financial services industry wondering what to do next, PYMNTS wrote last week.

“If nobody’s home, you have financial services entities just trying to make their best guess,” former Obama administration assistant treasury secretary Amias Gerety said Monday as part of his weekly discussion with PYMNTS CEO Karen Webster.