Swedish AI firm Sana Labs AB is planning a US IPO within the next few years, according to CEO and founder Joel Hellermark.

This decision aligns with a trend among Swedish companies seeking access to larger capital markets in the US, like Spotify and Klarna Bank.

Founded in 2016, Sana Labs develops AI agents for complex enterprise tasks. Its client include major corporations like Novartis AG and Merck & Co.

Competing with US tech giants like Microsoft and OpenAI, Sana Labs focused on “the third arc of AI,” using multi-step actions to solve enterprise queries efficiently.

Last year, the company raised US$55 million in a funding round led by US-based New Enterprise Associates Inc., valuing the firm at US$500 million.

Sana Labs aims to expand its workforce to 320 employees this year, with plans to boost research in Stockholm and operations in New York and London.