Samsara Inc. said on Wednesday it has confidentially submitted plans to regulators for a U.S. initial public offering.
The number of shares to be offered and the price range have not been determined, according to a release. The IPO is expected to take place after the U.S. Securities and Exchange Commission completes its review.
San Francisco-based Samsara provides software and sensors to monitor and manage commercial fleets and industrial operations, with more than 20,000 customers in the energy, food and beverage, construction and manufacturing, and transportation industries.
The company was founded in 2015 by Sanjit Biswas and John Bicket and has 1,450 employees.
Samsara is backed by venture capital (VC) firm Andreessen Horowitz, considered by many to be one of the elite VC firms in Silicon Valley.
Some of Samsara’s other investors include General Catalyst, Tiger Global, and Dragoneer. The company was valued at $5.4 billion last year, Forbes reported.
In February, Samsara announced it had surpassed more than $300 million in run-rate subscription revenue for the fiscal fourth quarter ended Jan. 30. The company said the run-rate subscription was achieved in five years with an annual growth rate of 80%.
The company has also released more than 200 features over the past two years, such as Samsara Fleet app, EV solutions, and accessibility reports.
Samsara did not provide any other details on its IPO plans.
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