SoundHound AI, Inc. - SOUN STOCK NEWS

Bracket Capital has successfully closed its third flagship funds, totaling $150 million. They also raised an additional $300 million in co-investment and evergreen funds. The funds will be used to invest in growth and later-stage, technology-enabled companies primarily through secondary market purchases and special-situation primary investment rounds. Fund III has already made investments in Stripe, ThatGameCompany, Clutter, and Soundhound. Bracket Capital has a track record of investing in successful pre-IPO technology companies and providing capital and liquidity solutions to businesses and early employees. They have invested in over 50 companies, resulting in 23 exits and over $300 million in realized proceeds in the last three years alone.

SoundHound's voice AI technology is now available for integration with Oracle MICROS Simphony POS for Restaurants. This integration allows restaurants to accept voice orders from customers over the phone, via menu kiosk, or at the drive-thru, and transmit them directly to the platform. SoundHound's voice technology can answer questions, accept modifications, and even upsell, helping restaurant staff process orders with greater speed and efficiency. It also helps restaurants avoid frustration and order abandonment by dealing with multiple customers simultaneously. The technology can also answer FAQs about restaurant location, business hours, and more. SoundHound's advanced conversational AI allows customers to speak naturally when placing an order. This integration is available in the Oracle Cloud Marketplace, making it accessible to thousands of restaurants.

SoundHound AI, Inc. (NASDAQ: SOUN) announced it will release its 2023 first quarter financial results on May 11, 2023, at 5:30 p.m. ET. The company will hold a conference call and webcast to discuss these results, featuring Co-Founder and CEO Keyvan Mohajer and CFO Nitesh Sharan. A live webcast will be accessible via the company’s investor relations website, and a replay will be available for 90 days afterward. SoundHound is recognized for its conversational intelligence and proprietary technologies, serving notable clients like Hyundai and Mercedes-Benz. This announcement highlights SoundHound's ongoing commitment to transparency with investors.

SoundHound AI, Inc. (NASDAQ: SOUN) has launched the SoundHound Chat AI for Automotive, marking a significant innovation in in-vehicle voice assistants. This platform integrates Generative AI like ChatGPT with advanced voice technology, providing users with access to real-time information on navigation, weather, and more. Key findings from a recent survey reveal that 50% of drivers are likely to utilize a voice assistant with Generative AI, with 75% of frequent users showing similar interest. The technology aims to reduce AI hallucinations, thereby enhancing reliability. CEO Keyvan Mohajer emphasizes the company’s capability to deliver this transformative technology to OEMs. The innovative service is expected to set a new standard in automotive voice interaction.

SoundHound AI (SOUN) has secured a new $125 million loan facility from Atlas Credit Partners, with $100 million fully funded at closing. This financing will allow SoundHound AI to refinance a $30 million debt, extending maturity to 2027 and reducing cash outflows. The agreement strengthens the company's balance sheet, providing capital for innovation and growth. SoundHound aims to expand its subscription and licensing businesses, targeting a $332 million bookings backlog as of December 31, 2022. The new financing is minimally dilutive, positioning SoundHound AI for long-term success amidst potential market uncertainties and enabling further advancements in voice AI technology.

SoundHound AI (NASDAQ: SOUN) has launched its SoundHound Chat AI platform, merging sophisticated voice AI with Generative AI models, including ChatGPT. This innovative platform enables businesses to create enhanced voice interactions, reducing the chances of AI hallucinations.

The SoundHound Chat AI app is now available for subscription on the Android Google Play Store and will soon be offered on the iOS App Store. Leveraging proprietary technologies, SoundHound Chat AI can integrate various Generative AI models, providing users with fast, accurate responses across different topics.

SoundHound AI, Inc. (Nasdaq: SOUN) reported a strong performance for 2022, with full-year revenue reaching $31.1 million, a 47% increase year-over-year. The fourth quarter revenue rose 84% to $9.5 million. Despite significant operating losses, the company’s cumulative bookings backlog grew 59% to $332 million. For 2023, SoundHound anticipates a 50% revenue growth, targeting $43-$50 million. The company is strategically positioned in the voice AI market, unveiling innovative products and securing partnerships with major brands including Hyundai and Qualcomm. The CEO and CFO expressed optimism regarding operational efficiency and near-term profitability.