Adesto Technologies Corp. of Sunnyvale, Calif., on Monday filed for a initial public offering to raise up to $50 million. The company plans to trade on the Nasdaq stock exchange under the symbol IOTS. Needham & Co., Roth Capital, and Oppenheimer & Co. are underwriters. Adesto, which makes memory products for Internet of Things applications, said its revenue hit $49.7 million and $41.5 million in 2013 and 2014, respectively, and it reached a net loss of $8.2 million and $8.9 million in those years. Its revenue decreased to $20.3 million and its net loss to $4 million in the six months ended June 30. Adesto highlighted its diversified, global customer base as one of its competitive strengths.
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