But at least Nutanix is selling products to help companies deal with the deluge of heavy-duty data entering their data centers. Elevate, by contrast, is selling into the teeth of the credit market.
Elevate's core product is an online alternative to a payday loan. By using technology to power underwriting, Elevate is able to perform better due diligence than traditional offline lenders and offer cheaper credit than what's otherwise available to its customer base.
Still, these are consumers who are, for the most part, one missed paycheck away from potential default. Short-term loans in the U.S. range from $500 to $5,000.
Read MoreWhat do rising rates mean for online lenders?
Net charge-offs represent about 50 percent of Elevate's revenue, meaning for every $1 it generates in revenue, almost 50 cents of it goes to cover loans gone bad.
In the first nine months of 2015, revenue jumped 67 percent from the prior year to $300.3 million. Elevate recorded charge-offs of $143.2 million and an additional provision for loan losses of $17.9 million. That all resulted in a net loss of $20.2 million.
The company has a built-in margin of error, but it's tight. As stated in the risk factors section of its prospectus:
"Because of the nonprime nature of our customers, we have historically experienced a high rate of net charge-offs as a percentage of revenues, and our ability to price appropriately in response to this and other factors is essential."
It's been a tough ride for other newly public online lenders.
As of Wednesday's close, LendingClub was trading 47 percent below its IPO price from Dec. 2014, even though it's serving prime borrowers. OnDeck, which provides Web-based business loans, has plunged 61 percent from its debut price the same month.