Wen Hsieh, who was a general partner at Kleiner Perkins until 2023, first backed Ambiq when the company raised its Series C in 2014. Hsieh also invested in Ambiq after he launched his own venture firm, Matter Venture Partners, two years ago.

Shares had more than tripled by the time the stock hit the open market.

Ambiq Micro Inc. shares rose 61% in their first trading day, after the maker of ultra-low power semiconductors for AI applications raised $96 million in an upsized initial public offering.