Just a month after raising $131 million at a $2 billion valuation, data analytics startup Domo is in talks for a potential IPO, according to a Bloomberg report Tuesday.
It said Domo’s working with Morgan Stanley and Credit Suisse to prepare for an IPO, citing unnamed sources.
Domo’s technology takes data from almost any imaginable business app, from Salesforce to Instagram, and pushes it into one place with real-time updates. If a sales rep wants to see how many likes a post got on Facebook from a certain territory in Nebraska, Domo boasts that it’s the place.
It’s unclear how serious the talks are, but Domo’s IPO would indicate a huge sign of change in the tech IPO landscape.
Zero tech companies went public in the first quarter of 2016, the first time since the first quarter of 2009 that has happened. Although a number of companies filed regulatory filings for an IPO, none have been able to float, largely due to a cooling market sentiment towards tech startups that typically fuel growth by losing a lot of money.
Domo’s business is squarely in that camp, as its CEO Josh James told us previously that his company is unprofitable. But he did mention that it’s nearing profitability and that he’ll take his company public when it’s there.
Domo has raised more than $579 million since its founding in 2010. Its latest round of funding kept its valuation steady at $2 billion, the same number it reached when it raised $200 million in April 2015.
Domo’s representative wasn’t immediately available for comment.