Komodo Health is preparing to take its company public, Axios reported Monday.
The company’s initial public offering is said to have begun its early stages, with Komodo having hired Goldman Sachs and SVB Securities to help prepare the filing. Depending on market conditions, the filing can be expected in June or July, Axios reported. This year’s IPO rate has stalled, with 16 thus far compared to 102 at the same time last year.
Komodo uses AI to collect de-identified data on hundreds of millions of patients with the aim of helping healthcare companies and payers understand and resolve gaps in care. The company is growing at a rate of 50% and up, according to Axios, with annual recurring revenue at approximately $150 million (though the company is reportedly not yet profitable). In 2021, Komodo raised $220 million, boosting its valuation to more than $3 billion.
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Earlier this year, Komodo co-founders expressed their desire to go public to Fierce Healthcare, noting their excitement about general investor appetite around healthcare. However, due to market volatility, investors and companies are increasingly turning away from IPOs. This year’s IPO rate has stalled, with 16 thus far compared to 102 at the same time last year. Most that have been completed went public at or below the bottom of their target price ranges; private fundraising is continuing at a close-to-record pace, according to the Financial Times.
Besides Komodo, Included Health is also poised to go public, as is Tempus Labs.