A chipmaker called Syntiant Corp. that specializes in making low-powered processors that run artificial intelligence locally on devices has filed to go public.
The company filed its initial public offering paperwork with the U.S. Securities and Exchange Commission earlier today in a bid to tap into investor’s insatiable appetite for new AI bets.
Founded in 2017 by four co-founders, including its Chief Executive Officer Kurt Busch, Syntiant is a developer of tiny, ultra-low-power chips that can run computations on devices such as wearables, earbuds, cars, robots, drones and industrial machinery, enabling them to gather data from the environments they operate in. It also develops the software needed to run applications on its chips.
Syntiant’s biggest investors, which all have a stake of 5% or greater, include Intel Corp., Microsoft Corp and Knowles Corp., its filings show. The company has raised $311 million from investors so far, with its most recent funding round in December 2024 valuing it at $646.4 million. That same month, it also acquired Knowles’ micro-electromechanical systems business, which designs and manufactures microphones for smartphones, earbuds and other consumer devices. The deal also saw it acquire factories in China and Malaysia.
Headquartered in Irvine, California, Syntiant posted a net loss of $26.2 million on revenue of $64.5 million during the first quarter of fiscal 2026, its filing shows. That compares with a net loss of $16.8 million on sales of $66.6 million in the same period one year earlier.
Syntiant did not say how many shares it’s planning to sell, nor did it reveal a price for the offering. In its paperwork, it said it may use some of the proceeds of the sale to repay its debts and pursue further acquisitions. Some of the cash will also be used for general corporate purposes, it said.
The IPO is expected to take place later this year, but the company has not yet set a date. Following the listing, its founders will continue to hold a majority of shareholder voting power thanks to their holdings of “super-voting” Class B shares, the filing revealed.
Citigroup Inc., Bank of America Corp. and UBS Group AG are leading the offering. After the IPO, Syntiant will trade on the Nasdaq Global Market under the ticker symbol “SYTN.”
Photo: Syntiant
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