The market for edge AI devices is growing fast, and Ambiq’s IPO will help it fund more products to meet demand there, executives say.

Ambiq Micro Inc. shares pared early gains after more than doubling in early trading, a day after the maker of ultra-low power semiconductors for AI applications raised $96 million in an upsized initial public offering.

The company’s IPO filing revealed that its silicon powers over 270 million devices worldwide. Ambiq sold more than 40 million chips last year alone and generated $76.1 million in revenue, a 16% increase from 2023. During the same time frame, Ambiq’s annual loss narrowed by about $10.6 million.