SIGNIFICANCE
If successful, LightOn will be the first generative AI startup to be publicly listed in Europe, providing large language model (LLM) software to both businesses and the French government. In contrast, other European companies such as France's Mistral and Germany's DeepL have opted to remain private for funding.
France is positioning itself as the leading hub for artificial intelligence in Europe, aiming to bridge the innovation gap with the United States and the United Kingdom.
KEY STATEMENTS
LightOn co-CEOs Igor Carron and Laurent Daudet remarked, "This upcoming IPO presents investors with a distinctive chance to engage directly in the expansion of a French technology leader that is already effectively implementing its AI solutions with major organizations both domestically and internationally."
BACKGROUND
In February, Google established a dedicated AI hub in France. President Emmanuel Macron expressed his ambition for France to have at least 100 tech "unicorns" by 2030, a significant increase from the current count of 27.
According to Stéphane Boujnah, CEO of the pan-European stock exchange Euronext, a considerable number of tech firms within the European Union are poised for public listings.
FINANCIAL DETAILS
The shares will be offered at a subscription price of 10.35 euros each, valuing the company at approximately 50 million euros. Furthermore, LightOn is enhancing the IPO with a capital increase of around 10.4 million euros ($11.2 million). The company aims for a revenue of 40 million euros and a core profit (EBITDA) margin of 40% by 2027.
WHAT'S NEXT
The subscription period is scheduled from November 8 to November 20. Settlement delivery is anticipated on November 25, with the inaugural trading day on Euronext Growth occurring the following day.
LightOn, founded in 2016 in Paris, has positioned itself as a pioneering force in addressing the complexities of big data management. The start-up was established by Igor Carron, Laurent Daudet, and Sylvain Gigan, three technology enthusiasts dedicated to transforming the artificial intelligence landscape through advancements in computational optics. Since its inception, LightOn has witnessed significant growth, highlighted by multiple funding rounds, including a recent €30 million investment, alongside the ongoing expansion of its research and development team.
LightOn specializes in creating hardware and software-as-a-service (SaaS) solutions tailored for Extreme-Scale AI, including Large Language Models and Foundation Models. The company offers robust AI tools designed for businesses across various sectors. By utilizing cutting-edge exascale hardware and pioneering training methodologies, LightOn provides access to some of the most extensive foundation models, enhancing Augmented Work and Creativity.