French Startup LightOn To Become First GenAI Company Listed In Europe

The French generative AI startup LightOn launched today its initial public offering (IPO) in Paris on the Euronext Growth market.

According to Reuters, the listing is expected by the end of November, and the company would become the first one in Europe to make it into the stock exchange market.

LightOn—founded in 2016—offers a Large Language Model (LLM) software service to the French government and other businesses.

“We are pioneers in Generative AI, building secure and customizable solutions for enterprises to improve productivity and competitiveness,” states the Startup’s website.

LightOn offers its clients an AI assistant called Alfred, a platform called Paradigm, and other generative AI solutions.

With the new shares in the market, the company expects to expand and increase revenues. “This planned IPO offers investors a unique opportunity to participate directly in the growth of a French technology champion that is already successfully deploying its AI solutions with major groups in France and abroad,” said Igor Carron and Laurent Daudet, LightOn co-CEOs, in a statement.

The shares are offered at a subscription price of 10.35 euros each, the period for sales begins today and ends on November 20th. The settlement is expected for the 25th and the first day of trading the following day.

LightOn expects to reach a 50 million euro valuation and aimes for revenue of 40 million euros by 2027.

Other competitors, like Germany’s DeepL and France’s Mistral, have preferred to remain private and raise funds.

Other French startups have been using AI to expand services and offer new products in the market. Alan, the company specializing in health insurance, recently launched a new health assistant for its 680,000 customers.