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SoundHound AI, Inc. (Symbol: SOUN) is a leading innovator in the field of conversational intelligence. The company specializes in providing an independent Voice AI platform that empowers businesses across various industries to deliver high-quality conversational experiences to their customers.
The core business of SoundHound AI revolves around its advanced voice recognition technology, which is designed to understand and respond to natural human speech. This technology is used in a range of applications, from customer service and virtual assistants to in-car navigation systems and smart home devices.
Recently, SoundHound AI has achieved several significant milestones. These include the expansion of its platform to support multiple languages and the forging of new partnerships with major companies in the automotive, telecommunications, and consumer electronics sectors. These collaborations enable SoundHound AI to integrate its Voice AI solutions into various products and services, enhancing user experience and operational efficiency.
Current projects at SoundHound AI focus on further improving the accuracy and responsiveness of its voice recognition technology. The company is also exploring new use cases for its platform, such as in healthcare and finance, where conversational AI can streamline processes and improve customer interactions.
The financial condition of SoundHound AI is robust, with steady revenue growth driven by the increasing adoption of its technology. The company continues to invest in research and development to maintain its competitive edge and innovate new solutions that meet the evolving needs of businesses and consumers.
Overall, SoundHound AI is at the forefront of the Voice AI revolution, providing powerful tools that enable businesses to create engaging and efficient conversational experiences.
SoundHound AI (Nasdaq: SOUN) has announced a significant milestone in its AI phone ordering technology, processing over 100 million customer interactions and hundreds of millions of dollars in food orders for restaurants across the U.S. The company's Smart Ordering AI service is utilized by major brands including Chipotle, Jersey Mike's, and Applebee's, serving over ten thousand restaurant locations. The system handles carryout, curbside, and delivery orders, processes payments, manages reorders, and integrates with point of sale and loyalty systems. Following its recent acquisition of Amelia, SoundHound has expanded its capabilities to include IT support and guest relations services.
SoundHound AI (Nasdaq: SOUN), a voice artificial intelligence company, announced it will release its 2024 third quarter financial results on Tuesday, November 12, 2024, after market close. The company will hold a conference call and webcast at 2:00 p.m. PT / 5:00 p.m. ET on the same day, hosted by Co-Founder and CEO Keyvan Mohajer and CFO Nitesh Sharan. A live audio webcast will be available at investors.soundhound.com, with a replay accessible at the same location.
SoundHound AI (Nasdaq: SOUN) released results from an independent survey of U.S. vehicle owners, revealing high interest in voice generative AI capabilities for in-car use. Key findings include:
- 76% of U.S. drivers are likely to use voice generative AI in their cars if available, up 52% from last year
- 81% of prospective car buyers would choose a vehicle with AI features over one without
- 74% of respondents would pay a fee or accept ads for access to these features
The survey explored interest in AI-powered features like in-vehicle food ordering (71% interested), vehicle management (85% interested), and communication assistance (76% interested). SoundHound AI's COO noted that early deployments have seen voice assistant usage increase up to five-fold compared to traditional systems.
SoundHound AI, Inc. (Nasdaq: SOUN) has released results from an independent survey of car owners in the UK, France, and Germany. The study reveals that 79% of drivers across these countries are likely to use voice generative AI capabilities in their vehicles if available. Additionally, 83% of prospective car buyers in these markets would prefer to purchase or lease a vehicle with AI features over one without.
The survey highlights strong interest in AI-powered voice assistants for various in-vehicle applications, including:
- Food ordering while driving (66% average interest)
- Vehicle management and maintenance assistance (85% average interest)
- Communication and information summarization (78% average interest)
SoundHound AI was the first to launch a vehicle assistant with generative AI capabilities last year, now in production with multiple automakers globally.
SoundHound AI (Nasdaq: SOUN) has announced the integration of its SoundHound Chat AI, a voice assistant with Generative AI, into Lancia Ypsilon vehicles across seven European countries. The assistant is part of Lancia's S.A.L.A. infotainment system, activated by saying "Hey SALA" or pressing a button. It offers conversational experiences including calls, navigation, real-time information, and Generative AI-style responses.
The technology can handle natural speech, providing information on topics ranging from historical facts to trip planning. SoundHound Chat AI is now featured in several Stellantis brands, including Alfa Romeo, Citroën, Peugeot, Opel, and Vauxhall. Data shows increased voice assistant usage and improved customer loyalty scores with this technology.
SoundHound AI, Inc. (Nasdaq: SOUN) announced that its Amelia conversational AI platform has won the XCelent Advanced Technology 2024 Award from Celent, a research and advisory firm. Amelia also achieved 'Luminary' status in Celent's rankings, being highly rated among 10 retail banking intelligent virtual assistant platforms in both the Advanced Technology and Breadth of Functionality categories. The platform's key strengths include extensive experience in conversational AI, longevity in the market, and well-honed use of Generative AI for model development. Celent highlighted Amelia's strong functionality and commitment to innovative solutions for the retail banking sector. This recognition underscores SoundHound's leadership in conversational AI and its impact across financial services, including wealth management and insurance. Michael Anderson, EVP of AI for Enterprise at SoundHound, emphasized the company's ongoing success and dedication to enhancing its capabilities with superior Voice AI.
SoundHound AI (Nasdaq: SOUN) has launched new customization tools for its SoundHound Chat AI voice assistant, aimed at transforming how automotive brands interact with customers in vehicles. The new features include:
1. Brand ID: Allows OEMs to set predefined answers to common questions, reflecting brand image and handling sensitive topics.
2. Onboarding and Education: Enables automakers to integrate personalized branding and educate users on voice assistant functionalities.
These tools are designed to enhance user experience and increase adoption of in-vehicle voice assistants. SoundHound's study found that 87% of regular drivers use voice assistants, with 50% using them weekly and 37% daily. The new features are currently being piloted with some of SoundHound's OEM partners and will be available in a SaaS model.
SoundHound AI (Nasdaq: SOUN), a leader in voice artificial intelligence, has announced its participation in two upcoming investor events in September. CFO Nitesh Sharan will present at the H.C. Wainwright Annual Global Investment Conference in New York on September 9 at 1:30pm ET, and at the Piper Sandler Growth Frontiers Conference in Nashville on September 11 at 11:30am ET. Both presentations will be broadcast live, with registration links provided. The company will also participate in one-on-one investor meetings at both conferences. Interested parties can find more information on SoundHound's investor relations website and register for company email notifications.
SoundHound AI (Nasdaq: SOUN) has announced a partnership with MUSC Health to deploy an AI agent named Emily, powered by its recently acquired Amelia Patient Engagement solution. Emily is designed to enhance patient access by streamlining appointment management and answering non-clinical questions 24/7. The AI agent integrates with Epic to provide personalized patient self-service, aiming to increase satisfaction and operational efficiency.
MUSC Health's Chief Digital Transformation Officer, Crystal Broj, highlights that Emily is already positively impacting patient access by reducing call volumes and wait times. Michael Anderson, EVP of Enterprise AI at SoundHound AI, emphasizes the solution's ability to provide immediate, personalized support throughout the care continuum.
SoundHound AI (Nasdaq: SOUN) reported strong Q2 2024 results with 54% year-over-year revenue growth to $13.5 million. The company closed the quarter with over $200 million in cash. Key highlights include:
- Acquisition of Amelia, an enterprise conversational AI leader, expanding into finance, insurance, and healthcare
- GAAP gross margin of 63%; non-GAAP gross margin of 67%
- Annual query run rate over 5 billion, up 90% year-over-year
- Cumulative subscriptions & bookings backlog of $723 million, roughly doubled year-over-year
- Prepaid $100 million debt, saving over $55 million in interest and fees
SoundHound updated its revenue outlook, now expecting to exceed $80 million in 2024 and $150 million in 2025. The company continues to expand its customer base across various industries, including automotive, restaurants, and customer service.
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