Syntiant Corp, an artificial intelligence software and semiconductor company, filed for a U.S. initial public offering on Monday, joining a growing list of AI companies seeking to tap public markets amid strong investor demand for the sector.
Building AI Chips for Everyday Devices
Founded in 2017 by semiconductor industry veterans, including CEO Kurt Busch, Syntiant develops low-power AI processors and software that enable devices to perform tasks locally rather than relying on cloud data centers.
Its technology is used in products including earbuds, wearables, automobiles, industrial equipment and security systems.
According to the company’s website, more than 100 million of its AI processors have been deployed across consumer, industrial and automotive applications.
In 2024, Syntiant expanded its business by acquiring Knowles Corp‘s (NYSE:KN) consumer MEMS microphone business for $150 million, adding audio hardware used in smartphones, earbuds and other connected devices to its portfolio.
Backed by Major Chip Investors
Syntiant counts Intel Capital, a venture capital arm of Intel Corp (NASDAQ:INTC), Microsoft Global Finance, Motorola Solutions Venture Capital and Knowles among its investors, according to its website.
As per the S-1 filing with the SEC, the company posted revenue of $64.5 million for the three months ended March 31, compared with $66.6 million a year earlier, and net loss widened to $20.9 million from $14.1 million over the same period.
Citigroup, Bank of America Securities and UBS Investment Bank are serving as lead underwriters for the offering.
The Irvine, California-based company plans to list on the Nasdaq under the ticker “SYNT.”
It has not yet disclosed the number of shares or the expected price range for the offering.
AI IPO Pipeline Continues to Grow
Syntiant joins a growing list of AI companies preparing for public markets with OpenAI and Anthropic both disclosing their for public listing last month, although OpenAI is reportedly weighing a delay until next year.
Benzinga edge rankings indicate INTC has a Momentum score in the 99th percentile and a positive price trend across the short, medium and long term.
Read Also: Micron, AMD, SanDisk, IREN and Rivian: Why These 5 Stocks Are on Investors' Radars Today?
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: A9 STUDIO on Shutterstock.com
