By Anthony Hughes

(Bloomberg) -- Syntiant Corp., a company making semiconductors and software for artificial intelligence, filed for an initial public offering to tap investors' enthusiasm for the technology.

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The Irvine, California-based company, whose backers include Intel Corp. and Microsoft Corp., had a net loss of $26.2 million on revenue of $64.5 million for the three months ended March 31, according to its filing Monday with the US Securities and Exchange Commission. The figures compare with a net loss of $16.8 million on revenue of $66.6 million during the corresponding period a year earlier.

Started in 2017 by four co-founders including Chief Executive Officer Kurt Busch, the company makes ultra-low-power chips and software that run AI computations on devices including earbuds, wearables and industrial systems.

The company's investors with beneficial ownership of 5% or more include Intel, Microsoft and Knowles Corp., the filing shows. It has raised $311 million from investors to date, and was valued at $646.4 million following a December 2024 investment round, according to data provider PitchBook. Syntiant purchased Knowles' consumer sensors business for $114.4 million the same month, adding factories in China and Malaysia.

After the IPO, the company's founders will continue to hold the majority of shareholder voting power through their holdings of super-voting Class B shares, the filing shows.

The offering is being led by Citigroup Inc., Bank of America Corp. and UBS Group AG. The company expects its shares to trade on the Nasdaq Global Market under the symbol SYTN.

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