(Reuters) - The Internet-of-Things company Samsara Inc, backed by venture capital firm Andreessen Horowitz, said on Wednesday it has confidentially submitted plans to regulators for a U.S. initial public offering (IPO). Samsara provides sensors and other IoT solutions to manage vehicle fleets and industrial operations. The company’s plans for a public listing comes at a time when U.S. IPO markets have hit an oversupply issue after witnessing record levels of activity. Companies have been pushing back their IPOs while others, such as advertising tech company Teads, shelved their listing plans altogether. Founded in 2015, Samsara serves more than 20,000 customers across transportation and logistics, food production, energy, construction as well as local and state governments. The San Francisco-based company’s other investors include General Catalyst, Tiger Global and Dragoneer. It was valued at $5.4 billion last year, Bloomberg News reported. Samsara did not provide any other details on its IPO plans. Our Standards: The Thomson Reuters Trust Principles.