Internet of Things is here in a flash: Adesto Technologies files for a $50 million IPO

(Renaissance Capital) Adesto Technologies, a fabless provider of low-power flash memory chips for OEMs of connected devices, filed on Monday with the SEC to raise up to $50 million in an initial public offering.




The company states that its non-volatile memory products are integrated in various Internet of Things appliances, wearables, sensors and medical devices.




Adesto lists its primary competitors as Micron Technology (Nasdaq: MU), STMicroelectronics (NYSE: STM), Atmel (Nasdaq: ATML) and Cypress Semiconductor (Nasdaq: CY).




The Sunnyvale, CA-based company, which was founded in 2006 and booked $41 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol IOTS. Adesto Technologies initially filed confidentially on May 14, 2015. Needham, Oppenheimer and Roth Capital are the joint bookrunners on the deal. No pricing terms were disclosed.

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