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Draft:SymphonyAI

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SymphonyAI
Company typePrivate
IndustrySoftware
Founded2017; 8 years ago
FounderRomesh Wadhwani
HeadquartersPalo Alto, California, U.S.
Key people
Romesh Wadhwani (chairman), Sanjay Dhawan (CEO)
Number of employees
3000 (2024)
Websitesymphonyai.com
Footnotes / references
[1]

SymphonyAI is a private enterprise cloud SaaS company that produces predictive and generative AI applications for businesses.[2] Headquartered in Palo Alto, California, the company was founded by Dr. Romesh Wadhwani in 2017.[1]

The company markets its portfolio of AI SaaS applications in six business units: Retail-CPG,[3] Industrial,[4] Financial Services,[5] Media,[6] Enterprise IT,[7] and Trading and Investing.[8] Its customers include Kraft Heinz, K-VA-T Food Stores, METRO,[9] Bank of Bahrain and Kuwait.[10] Nippon Gases,[11] and Toronto Pearson International Airport.[12]

History

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Dr. Romesh Wadhwani, an Indian-American tech entrepreneur and co-founder of private equity firm Symphony Technology Group, founded SymphonyAI in 2017 and has committed up to $1 billion of his private fortune in the company.[1]

SymphonyAI was initially a holding company for multiple smaller companies across different industries and is now a unified AI software operating company servicing businesses in the industries listed above, using a common AI platform called Eureka AI.[13]

Recent acquisitions

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SymphonyAI has completed a number of acquisitions. In 2022, SymphonyAI purchased BAE Systems' financial fraud detection software, NetReveal.[14] In 2023, the firm acquired the decision science and data management company 1010Data.[15]

Earlier acquisitions included ReTech Labs, a provider of real-time store shelf image capture and recognition technology,[16] Savigent Software, a workflow orchestration platform company,[17] and Proceedix,[18] a connected frontline industrial worker platform, in 2021. In 2019, SymphonyAI acquired Media Audits International[19] and Azima, which was then sold to Fluke Reliability in 2023.[20] Ayasdi, a data analysis company, was acquired in 2019.[21]

Partnerships

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SymphonyAI and Ernst and Young formed a strategic partnership in 2023 to help other organizations with their generative AI needs in the retail and financial services sectors.[22] In 2023 SymphonyAI partnered with Oracle Corporation too, providing AI-enabled merchandising and supply chain solutions for retail customers.[23] SymphonyAI was named Microsoft’s 2024 Partner of the Year for Business Transformation.[24][25]

Company Growth & Governance

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In 2021 the company’s annual revenues reached $220 million.[26] In 2023 it achieved an annual revenue run rate of $500 million.[27][28][29] The company's CEO is Sanjay Dhawan,[30] and its board of directors includes private equity executive Blythe Masters,[31] robotics engineer and computer scientist Daniela Rus[32] and retired executive vice president at Walmart Todd Harbaugh.[1]

Its competitors in the enterprise AI category include publicly traded firms C3 and Palantir Technologies.[1]

Accolades

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SymphonyAI was named to the 2024 Inc. 5000[33] list of the fastest-growing U.S.-based privately held companies and the FinTech Global AIFinTech 100.[34] SymphonyAI received the 2023 Frost & Sullivan Technology Innovation Leadership Award[35] for its global industrial AI technology.

References

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  1. ^ a b c d e Fannin, Rebecca (2023-12-08). "How a 75-year-old Indian-American tech entrepreneur is betting $1 billion of his own fortune on AI's future". CNBC. Retrieved 2025-01-26.
  2. ^ dwillis (2024-04-10). "How SymphonyAI's sanctions screening system looks to transform sanctions". FinTech Global. Retrieved 2025-01-26.
  3. ^ "Q&A: How Artificial and Human Intelligence Can Address Grocery's Biggest Issues". Progressive Grocer. 2024-06-25. Retrieved 2025-01-26.
  4. ^ PYMNTS (2023-12-01). "AI 1.0 Is Already Accelerating Industry 4.0's Innovation Pace". PYMNTS.com. Retrieved 2025-01-26.
  5. ^ "Fighting money laundering with AI | Computer Weekly". ComputerWeekly.com. Retrieved 2025-01-26.
  6. ^ Armstrong, Sarah. "SymphonyAI Announces Media and Entertainment AI Copilot for Content Monetization at NAB Show". Business Wire.
  7. ^ "Digitate Announces Strategic Alliance with SymphonyAI to Fuel Enterprise Automation at Scale". AiThority. 2023-12-13. Retrieved 2025-01-26.
  8. ^ Lyudvig, Anna (2024-07-01). "ON THE MOVE: Clear Street Names Atul Pawar; Adam Quinones to SymphonyAI". Traders Magazine. Retrieved 2025-01-26.
  9. ^ "K-VA-T Food Stores Receives SymphonyAI Tempo Award for Retail Innovation". Progressive Grocer. 2023-11-29. Retrieved 2025-01-26.
  10. ^ Bhowmik, Satarupa (2024-12-04). "Bank of Bahrain and Kuwait implements SymphonyAI AML tech". Retail Banker International. Retrieved 2025-01-26.
  11. ^ gasworld (2023-03-15). "Nippon Gases expands use of AI maintenance solutions across Europe". gasworld. Retrieved 2025-01-26.
  12. ^ Victor, Nancy (2019-06-12). "Canada's Pearson Airport deploys Symphony SummitAI's ITSM suite". Airport Technology. Retrieved 2025-01-26.
  13. ^ Burt, Jeffrey (2024-02-13). "You Can Build GenAI From Scratch, Or Go Straight To SaaS". The Next Platform. Retrieved 2025-01-26.
  14. ^ Christopher, Elena (2022-08-17). "SymphonyAI acquires NetReveal to try and fight financial crime differently". HFS Research. Retrieved 2025-01-26.
  15. ^ "Daily Research News Online no. 35158 - SymphonyAI Buys Business Intel Firm 1010data". www.mrweb.com. Retrieved 2025-01-26.
  16. ^ "Symphony RetailAI's Acquisition Helps Grocers With Category Planning". Progressive Grocer. 2021-10-27. Retrieved 2025-01-26.
  17. ^ "SymphonyAI Acquires Savigent Software | Mergr M&A Deal Summary". mergr.com. Retrieved 2025-01-26.
  18. ^ "Symphony Industrial AI's Acquisition of Proceedix Will Fast Track Remote Operations Strategies For Industrial Firms". Default. Retrieved 2025-01-26.
  19. ^ "Symphony MediaAI | Top OTT Solution Company-2021". Media and Entertainment Tech Outlook. Retrieved 2025-01-26.
  20. ^ Greenfield, David (2023-10-10). "Industrial Maintenance Analytics as a Service". Automation World. Retrieved 2025-01-26.
  21. ^ "Ayasdi Stock Price, Funding, Valuation, Revenue & Financial Statements". www.cbinsights.com. Retrieved 2025-01-26.
  22. ^ "EY US partners with SymphonyAI". thepaypers.com. Retrieved 2025-01-26.
  23. ^ "Oracle (ORCL) Aids SymphonyAI to Deliver IT Solutions on Cloud". nasdaq.com. 2023-01-16.
  24. ^ John, Amy Sarah (2024-06-28). "Microsoft unveils 2024 Partner of the Year Award winners and finalists". Wire19. Retrieved 2025-01-26.
  25. ^ Millward, Wade Tyler. "Microsoft 2024 Partners Of The Year: ISVs Making Waves With Azure, Teams, Devices". www.crn.com. Retrieved 2025-01-26.
  26. ^ Feldman, Amy. "Tech Billionaire Romesh Wadhwani Replaces Himself As CEO As He Considers Taking SymphonyAI Public". Forbes. Retrieved 2025-01-26.
  27. ^ Brown, Michael (2023-08-09). "On the Hunt: SymphonyAI's M&A Algo". The Deal. Retrieved 2025-01-26.
  28. ^ Hu, Krystal (2024-07-16). "SymphonyAI targets second half 2025 IPO with $500 million in revenue run rate". reuters.com.
  29. ^ Louise, Nickie (2024-07-16). "Profitable AI startup SymphonyAI eyes late 2025 IPO after strong growth of $500 million revenue run rate - Tech Startups". Retrieved 2025-01-26.
  30. ^ Gray, Catherine (2022-01-13). "Sanjay Dhawan: SymphonyAI's new CEO". aimagazine.com. Retrieved 2025-01-26.
  31. ^ Lyudvig, Anna (2023-10-16). "ON THE MOVE: Piya Khanna Joins Peel Hunt; SymphonyAI Adds Blythe Masters". Traders Magazine. Retrieved 2025-01-26.
  32. ^ Bloomberg, Sara. "UC Berkeley teams up with NASA". bizjournals.com. Retrieved 2025-01-26.
  33. ^ "SymphonyAI Offers vertical predictive and generative AI SaaS for retail/CPG, financial services, industrial, media and IT". inc.com.
  34. ^ "AIFinTech100 2024". AIFinTech100. Retrieved 2025-01-26.
  35. ^ SymphonyAI Industrial receives the 2023 Technology Innovation Leadership Award
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