Intel and Microsoft join forces to support AI chip and software company Syntiant in its sprint towards a U.S. IPO
AI chip and software company Syntiant has officially submitted its IPO application for the US stock market, aiming to list on NASDAQ under the ticker SYTN. The company is backed by investments from Intel and Microsoft, focusing on ultra-low power AI chips. As of March 31, it reported revenue of $64.5 million and a net loss of $26.2 million. The IPO is underwritten by Citigroup, Bank of America, and others, with the founder retaining control through super voting rights
According to Zhitong Finance APP, Syntiant Corp. (SYTN.US), focused on artificial intelligence (AI) semiconductor and software research and development, has officially submitted its initial public offering (IPO) application, aiming to capitalize on investors' strong enthusiasm for AI technology.
The company, headquartered in Irvine, California, has shareholders including Intel (INTC.US) and Microsoft (MSFT.US). According to its filing submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, the company achieved revenue of $64.5 million and a net loss of $26.2 million for the three months ended March 31; in the same period last year, its revenue was $66.6 million with a net loss of $16.8 million.
Syntiant was founded in 2017 by four co-founders, including CEO Kurt Busch. The company specializes in ultra-low power chips and supporting software that can perform AI computing tasks on devices such as headphones, wearables, and industrial systems.
The filing shows that shareholders holding more than 5% beneficial ownership of the company include Intel, Microsoft, and Knowles Corp. (KN.US). According to data platform PitchBook, the company has raised a total of $311 million to date, with a valuation of $646.4 million following a round of investment in December 2024. In the same month, Syntiant acquired Knowles' consumer sensor business for $114.4 million, gaining factories located in China and Malaysia.
The filing also noted that after the IPO is completed, the company's founders will maintain majority control over shareholder voting rights through their super-voting Class B shares.
This offering is led by Citigroup, Bank of America, and UBS Group as underwriters. The company expects its stock to be listed on the Nasdaq Global Market under the ticker symbol "SYTN."
