The prototypes will be developed for mobile phones, laptops and other electronic devices. Credit: Ryan on Unsplash.

Semiconductor designer ARM is developing a new chip to highlight the capabilities of its designs in a bid to drive growth and onboard new customers, reported the Financial Times.

People familiar with the development told the publication that the UK-based company will join forces with manufacturing partners to develop the new chip.

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The development comes as Arm’s backer SoftBank is trying to boost Arm’s earnings and draw investors to a planned initial public offering (IPO) on the Nasdaq exchange in New York later this year.

Typically, the company sells its blueprint designs to chip manufacturers instead of getting directly involved in the development and fabrication of semiconductors.

Arm hopes that the prototype will enable it to show the larger market the strength and potential of its innovations.

In the past, Arm has produced test chips with partners like Samsung and Taiwan Semiconductor Manufacturing, mostly to help software developers become more familiar with new technologies.

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The company’s most recent chip, on which it only recently began working, is “more advanced” than anything else that has ever been produced, the publication said, citing multiple industry sources.

According to sources, Arm has also put together a larger team to carry out the project and is concentrating on chip manufacturers rather than software developers.

The company has established a new “solutions engineering” team that will oversee the development of these prototype processors for mobile phones, laptops, and other electronics, the sources said.

Earlier this month, Intel Foundry Services  joined forces with Arm to build low-power compute system-on-chips on the Intel 18A process.

Initially, Intel’s alliance with Arm will focus on developing chips for mobile phones.