SoundHound

Last updated

SoundHound AI, Inc.
Company type Public
Nasdaq:  SOUN
Industry
FoundedSeptember 2005;19 years ago (2005-09)
Founder
  • Keyvan Mohajer
  • Majid Emami
  • James Hom
Headquarters Santa Clara, California, United States
Key people
Keyvan Mohajer (CEO)
Mike Zagorsek (COO)
Tim Stonehocker (CTO)
Nitesh Sharan (CFO)
Products
  • SoundHound Chat AI
  • Smart Answering
  • Smart Ordering
  • Dynamic Drive Thru
RevenueIncrease2.svg US$45.9 million (2023)
Number of employees
700 (2024)
Website soundhound.com
Footnotes /references
[1]

SoundHound AI, Inc. (Nasdaq: SOUN) is a voice artificial intelligence (AI) company founded in 2005. It is headquartered in Santa Clara, California. SoundHound provides a voice AI platform that enables businesses to offer customized conversational experiences to consumers. [2]

Contents

SoundHound's technologies are used in a variety of voice-enabled products and services, primarily in automotive, TV, IoT, restaurant, customer service, healthcare, finance, and retail industries. [3] The company holds more than 250 technology patents [4] and supports voice AI in 25 languages. [5]

SoundHound offers a range of AI-driven products, including Smart Answering, [6] Smart Ordering, [7] Dynamic Drive Thru, [8] and SoundHound Chat AI, a voice assistant incorporating generative AI technology. [9]

History

The company was co-founded in 2005 by Keyvan Mohajer, an Iranian-Canadian computer scientist and entrepreneur who specializes in voice AI. [10]

In 2009, the company's music discovery app Midomi was rebranded as SoundHound, but is still available as a web version on midomi.com. [11] [12] The app grew from 2 million users in January 2010 to 100 million users in September 2012. [13]

In 2015, SoundHound became the first music recognition service shipping in cars, in a partnership with Hyundai, in the new Genesis model. [14]

In December 2015, SoundHound launched a voice AI platform that promised to “add voice-enabled conversational interface to anything,” [15] built on the company's proprietary Speech-to-Meaning® and Deep Meaning Understanding® technologies. [16]

In 2018, SoundHound Inc. announced partnerships with Hyundai, Mercedes-Benz, and Honda to provide voice interaction for their products using its Houndify voice AI platform. [17] [18] [19]

SoundHound won the 2020 Webby Award for Productivity (Voice) in the category Apps, Mobile & Voice. [20]

On November 16, 2021, SoundHound announced plans to become a public company via a SPAC merger with Archimedes Tech SPAC Partners Co. [21]

On April 28, 2022, the combined company SoundHound AI, Inc. went public, listed under the symbol SOUN on the Nasdaq. [22]

In November 2022, the company laid off 10% of its employees and implemented salary cuts in response to "ongoing economic turmoil across global markets." [23] It was also reported that SoundHound secured less than half of the anticipated funds from its SPAC merger deal. [24] In January 2023, the company reduced its workforce by approximately 50%, and offered two weeks of severance, driven by the need to reassess financial strategies and expedite the company's path to profitability amid evolving market conditions. [25]

In April 2023, SoundHound secured $100 million in strategic financing. [26]

SoundHound's Dynamic Interaction solution was selected as the "Best Use of AI" at the 2023 Automation & Self-Service Awards. [27]

In December 2023, SoundHound acquired SYNQ3 Restaurant Solutions, a provider of voice AI for restaurants, for $25 million. [28]

In 2023-2024, SoundHound partnered with White Castle and Jersey Mike's Subs to provide AI-enabled drive-thrus and voice AI phone ordering at hundreds of locations. [29] [30] The company’s customer base also includes Chipotle, Applebee’s, Habit Burger, Noodles & Company, Beef O'Brady's, and Casey’s General Stores. [31]

In June 2024, SoundHound acquired Allset, a restaurant ordering marketplace founded out of Ukraine. [32]

During 2024, SoundHound introduced its voice AI assistant in Peugeot, Opel, Vauxhall, Alfa Romeo, Citroën, and Lancia vehicles across Europe. [33] [34] [35]

In August 2024, SoundHound acquired Amelia AI for $85 million, aiming to expand its presence in the financial services, insurance, healthcare, retail, and hospitality sectors. [36] Following this, Amelia powered MUSC Health’s new AI agent for patient appointment management [37] and received the XCelent Advanced Technology 2024 Award for Retail Banking Solutions. [38]

In October 2024, SoundHound won the “Overall Connected Solution of the Year” award in 2024 AutoTech Breakthrough Awards Program for its Chat AI solution, an in-vehicle voice assistant with integrated generative AI technology. [39]

Funding and Nasdaq listing

According to a June 2015 article, SoundHound Inc. had raised a total of $40 million in funding with investments from Global Catalyst Partners, Translink Capital, Walden Venture Capital, and others. [40] This included $7 million in a Series B funding round the company secured in October 2008, bringing total funds raised to $12 million at that time. The round was led by TransLink Capital with the participation of JAIC America and Series A investor Global Catalyst Partners. [41] In 2009, SoundHound attracted additional funding from Larry Marcus at Walden Venture Capital, who had previously invested in music startups Pandora and Snocap. The $4 million funding round was led by Walden Venture Capital VII, with the participation of an unnamed device manufacturer. [42]

In January 2017, the company raised another $75 million in an investment round that included Nvidia, Samsung, Kleiner Perkins Caulfield & Byers, and others. [43]

As of January 2018, the valuation of the company had reached $1 billion. [44] Announced in May 2018, SoundHound raised $100 million from a funding round led by Tencent and joined by Daimler AG, Hyundai Motors, Midea Group, and Orange S.A. [45]

In November 2021, Soundhound first announced the merger with Archimedes Tech SPAC Partners Co to go public with $2.1B valuation, with $111 million of investments from Oracle, Qatar First Bank, Koch Industries, and MKaNN Ventures, Cota Capital, VIZIO, HTC, FIH Mobile (a Foxconn Technology Group company), and others. The transaction closed in April 2022. [46] [47]

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References

  1. ↑ "SoundHound AI, Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 1, 2024.
  2. ↑ "Houndify Voice AI Powers a World of Voice-Enabled Products—Project Voice Worldwide 2021". YouTube . May 8, 2021. Retrieved October 4, 2024.
  3. ↑ "10-K Annual Report Fri Mar 01 2024". Last10K.com. Retrieved October 4, 2024.
  4. ↑ "SoundHound Patents – Insights & Stats (Updated 2024)". Insights;Gate. Retrieved October 4, 2024.
  5. ↑ Yu, Jea (February 8, 2023). "Is SoundHound Voice AI the Next Big Thing?". The Globe and Mail. Retrieved October 4, 2024.
  6. ↑ "Demo: SoundHound for Restaurants Smart Answering — Never Miss a Call". YouTube . May 1, 2023. Retrieved October 4, 2024.
  7. ↑ Lucas, Peter (May 5, 2023). "Presto Rolls Out Voice Ordering; SoundHound Integrates Voice Ordering With Oracle's POS". Digital Transactions. Retrieved October 4, 2024.
  8. ↑ Godwin, Cody (December 2, 2022). "Does the future of drive-thrus look less human? AI software shows off order-taking skills". USA TODAY. Retrieved October 4, 2024.
  9. ↑ "New SoundHound Chat AI Platform Uses Breakthrough Technology To Offer Powerful Voice Assistant To Businesses and Brands". www.businesswire.com. March 23, 2023. Retrieved October 4, 2024.
  10. ↑ Kalinic, Stjepan (December 14, 2023). "SoundHound CEO Keyvan Mohajer: Building Technology So Advanced, It Feels Like Magic'". Benzinga. Retrieved October 3, 2024.
  11. ↑ Rollison, Damian (January 27, 2010). "Tune identifier SoundHound announces new version with Pandora, tour dates". Venturebeat. Retrieved March 1, 2016.
  12. ↑ "Midomi Website". www.midomi.com. Retrieved June 11, 2021.
  13. ↑ Empson, Rip (September 20, 2012). "Chasing Shazam, SoundHound Quietly Passes 100M Users, Averaging 200K Downloads/Day". TechCrunch. Retrieved October 1, 2024.
  14. ↑ "Hyundai and Kia tap SoundHound to help you identify music in your car". Engadget. January 14, 2014. Retrieved June 5, 2015.
  15. ↑ Ha, Anthony (December 15, 2015). "SoundHound Launches Houndify Platform To Add A Voice Interface To Other Apps And Devices". TechCrunch. Retrieved October 1, 2024.
  16. ↑ "About SoundHound AI". soundhound.com. Retrieved October 1, 2024.
  17. ↑ "Hyundai Motor Collaborates with SoundHound Inc. to Develop 'Intelligent Personal Agent' Voice-Control Technology". HYUNDAI MOTORS (Press release). Retrieved February 9, 2019.
  18. ↑ "First-look into a new Infotainment System from Mercedes-Benz, MBUX, powered with voice-enabled AI from SoundHound Inc". MBRDNA. September 14, 2018. Archived from the original on February 9, 2019. Retrieved February 9, 2019.
  19. ↑ "Honda R&D Innovations, Inc. | SoundHound Inc. and Honda Partner on Development of a Voice-Enabled AI Assistant" (Press release). Archived from the original on February 9, 2019. Retrieved February 9, 2019.
  20. ↑ Kastrenakes, Jacob (May 20, 2020). "Here are all the winners of the 2020 Webby Awards". The Verge. Retrieved May 22, 2020.
  21. ↑ "SoundHound Inc., Global Leader in Voice AI Technology, to Become Publicly Traded Through Proposed Merger With Archimedes Tech SPAC Partners Co". www.businesswire.com. November 16, 2021. Retrieved November 16, 2021.
  22. ↑ "SoundHound Announces Closing of Business Combination" (Press release). April 27, 2022.
  23. ↑ Singh, Jagmeet (November 10, 2022). "SoundHound, the voice AI platform, lays off 10% of staff citing 'challenging market conditions'". TechCrunch. Retrieved October 3, 2024.
  24. ↑ Schubarth, Cromwell (November 10, 2022). "SoundHound is slashing 10% of its staff and cutting the pay of other workers". www.bizjournals.com. Retrieved May 28, 2024.
  25. ↑ DeGeurin, Mack (January 13, 2023). "Voice AI Company SoundHound Lays Off Nearly Half Its Staff and Offers 'Pitiful' Severance". Gizmodo . Retrieved July 19, 2024.
  26. ↑ "SoundHound AI Secures $100 Million in Strategic Financing From Atlas Credit Partners". www.businesswire.com (Press release). April 17, 2023. Retrieved October 6, 2024.
  27. ↑ Maras, Elliot (December 6, 2023). "Self-Service Innovation Summit honors 2023 Automation & Self-Service Award winners". Kiosk Marketplace & Vending Times. Retrieved October 9, 2024.
  28. ↑ Rossolillo, Nicholas (December 8, 2023). "SoundHound AI Bets on the Restaurant Industry -- Is the Stock a Buy Before the End of 2023?". The Motley Fool. Retrieved December 8, 2023.
  29. ↑ David, Emilia (August 2, 2023). "White Castle will bring more AI to its drive-thrus". The Verge. Retrieved October 9, 2024.
  30. ↑ Canham-Clyne, Aneurin (January 25, 2024). "Jersey Mike's to use SoundHound's phone AI in at least 50 restaurants". Restaurant Dive. Retrieved October 9, 2024.
  31. ↑ "SoundHound AI Eclipses 100 Million Interactions in Restaurant Phone Orders". QSR Magazine. October 31, 2024. Retrieved November 1, 2024.
  32. ↑ "SoundHound AI Acquires Ordering Platform Allset to Fast-Track Its Vision of a Voice Commerce Ecosystem". www.businesswire.com (Press release). June 20, 2024. Retrieved September 30, 2024.
  33. ↑ Vogenthaler, Ashlee (July 11, 2024). "SoundHound (SOUN) Drives Forward and Expands Chat AI Feature in Peugeot, Opel, and Vauxhall Vehicles Throughout Europe". Prism MarketView. Retrieved September 30, 2024.
  34. ↑ Gibbs, Nick (September 8, 2024). "Stellantis adds ChatGPT connection to more models". Automotive News. Retrieved September 30, 2024.
  35. ↑ Lampinen, Megan (October 17, 2024). "Stellantis doubles down on AI digital assistant". Automotive World. Retrieved October 29, 2024.
  36. ↑ "SoundHound AI Acquires Amelia, Significantly Expanding Its Scale and Reach In Conversational AI Across New Verticals and Hundreds of Enterprise Brands". www.businesswire.com (Press release). August 8, 2024. Retrieved September 30, 2024.
  37. ↑ Brooks, Steve (August 28, 2024). "MUSC Health deploys AI Agent Emily to improve patient satisfaction". Enterprise Times. Retrieved October 11, 2024.
  38. ↑ "SoundHound AI's Amelia Wins XCelent Advanced Technology 2024 Award for Retail Banking Solutions". www.businesswire.com. October 10, 2024. Retrieved October 11, 2024.
  39. ↑ "2024 WINNERS". AutoTech Breakthrough Awards. Retrieved October 11, 2024.
  40. ↑ Winkler, Rolf (June 2, 2015). "SoundHound App Emerges to Take On Apple and Google in Voice Search". Wall Street Journal. Archived from the original on June 12, 2015. Retrieved March 1, 2016.
  41. ↑ Staff, V. C. J. (October 8, 2008). "Melodis Adds $7 Million". Venture Capital Journal. Retrieved November 7, 2023.
  42. ↑ Wauters, Robin (August 25, 2011). "Music Search Startup SoundHound Partners With Spotify For Instant Streaming". TechCrunch. Retrieved March 1, 2016.
  43. ↑ Yeung, Ken (January 31, 2017). "SoundHound raises $75 million to expand access to its Houndify voice-powered platform". VentureBeat.com. VentureBeat. Retrieved January 31, 2017.
  44. ↑ Schleifer, Theodore (January 24, 2018). "SoundHound, once just a music-recognition app, is now a billion dollar company". recode. Archived from the original on January 25, 2018. Retrieved September 8, 2023.
  45. ↑ Lynley, Matthew (May 3, 2018). "SoundHound has raised a big $100M round to take on Alexa and Google Assistant". TechCrunch. Retrieved September 21, 2018.
  46. ↑ "INSERTING and REPLACING SoundHound Inc., Global Leader in Voice AI Technology, to Become Publicly Traded Through Proposed Merger With Archimedes Tech SPAC Partners Co". www.businesswire.com (Press release). November 16, 2021. Retrieved January 16, 2022.
  47. ↑ "Qatar First Bank invests in US-based voice AI firm, SoundHound - NNR". NewsnReleases (Press release). November 28, 2021. Retrieved January 16, 2022.
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