The company calls itself a ‘pioneer’ of ultra-low-power chip solutions that can be used for edge AI, or processing data on smaller devices without cloud servers.

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.