Jump to content

SoundHound: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
m Minor wording corrections in History section
In History section, provided additional context to SoundHound's layoffs in November 2022 and January 2023. These statements help explain the broader circumstances impacting the company decisions and align the reader's understanding with the business environment at that time. Also, made some minor wording corrections. -Any feedback is much appreciated-
Line 41: Line 41:
On April 28, 2022, the combined company SoundHound AI, Inc. went public, listed under the symbol SOUN on the [[Nasdaq]].<ref>{{cite press release |url=https://www.businesswire.com/news/home/20220427005362/en/SoundHound-Announces-Closing-of-Business-Combination |title=SoundHound Announces Closing of Business Combination |date=27 April 2022}}</ref>
On April 28, 2022, the combined company SoundHound AI, Inc. went public, listed under the symbol SOUN on the [[Nasdaq]].<ref>{{cite press release |url=https://www.businesswire.com/news/home/20220427005362/en/SoundHound-Announces-Closing-of-Business-Combination |title=SoundHound Announces Closing of Business Combination |date=27 April 2022}}</ref>


In 2022, the company terminated 10% of its staff and enforced salary cuts, and it was reported that SoundHound raised less than half of what it originally projected in its SPAC merger deal.<ref>{{Cite web |last=Schubarth |first=Cromwell |date=November 10, 2022 |title=SoundHound is slashing 10% of its staff and cutting the pay of other workers |url=https://www.bizjournals.com/sanjose/news/2022/11/10/soundhound-lays-off-10-of-staff-cuts-pay.html |access-date=2024-05-28 |website=www.bizjournals.com}}</ref> In January 2023, the company laid off approximately 50% of its employees, and offered 2 weeks of severance.<ref>{{Cite web |last=DeGeurin |first=Mack |date=2023-01-13 |title=Voice AI Company SoundHound Lays Off Nearly Half Its Staff and Offers ‘Pitiful’ Severance |url=https://gizmodo.com/soundhound-lays-off-half-employees-pitiful-severance-1849987534 |access-date=2024-07-19 |website=[[Gizmodo]] |language=en-US}}</ref> In April 2023, SoundHound secured $100 million in strategic financing.<ref>{{Cite press release |date=2023-04-17 |title=SoundHound AI Secures $100 Million in Strategic Financing From Atlas Credit Partners |url=https://finance.yahoo.com/news/soundhound-ai-secures-100-million-123000470.html |access-date=2023-07-04 |website=Yahoo Finance |language=en-US}}</ref>
In November 2022, the company laid off 10% of its employees and implemented salary cuts in response to "ongoing economic turmoil across global markets."<ref>{{cite web |last1=Singh |first1=Jagmeet |title=SoundHound, the voice AI platform, lays off 10% of staff citing ‘challenging market conditions’ |url=https://techcrunch.com/2022/11/10/soundhound-layoffs/ |website=TechCrunch |access-date=3 October 2024 |date=10 November 2022}}</ref> It was also reported that SoundHound secured less than half of the anticipated funds from its SPAC merger deal.<ref>{{Cite web |last=Schubarth |first=Cromwell |date=November 10, 2022 |title=SoundHound is slashing 10% of its staff and cutting the pay of other workers |url=https://www.bizjournals.com/sanjose/news/2022/11/10/soundhound-lays-off-10-of-staff-cuts-pay.html |access-date=2024-05-28 |website=www.bizjournals.com}}</ref> 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.<ref>{{Cite web |last=DeGeurin |first=Mack |date=2023-01-13 |title=Voice AI Company SoundHound Lays Off Nearly Half Its Staff and Offers ‘Pitiful’ Severance |url=https://gizmodo.com/soundhound-lays-off-half-employees-pitiful-severance-1849987534 |access-date=2024-07-19 |website=[[Gizmodo]] |language=en-US}}</ref> In April 2023, SoundHound secured $100 million in strategic financing.<ref>{{Cite press release |date=2023-04-17 |title=SoundHound AI Secures $100 Million in Strategic Financing From Atlas Credit Partners |url=https://finance.yahoo.com/news/soundhound-ai-secures-100-million-123000470.html |access-date=2023-07-04 |website=Yahoo Finance |language=en-US}}</ref>


In December 2023, SoundHound acquired SYNQ3 Restaurant Solutions, a provider of voice AI for restaurants, for $25 million.<ref>{{Cite web |last=Rossolillo |first=Nicholas |date=2023-12-08 |title=SoundHound AI Bets on the Restaurant Industry -- Is the Stock a Buy Before the End of 2023? |url=https://www.fool.com/investing/2023/12/08/soundhound-ai-bets-on-the-restaurant-industry/ |access-date=2023-12-08 |website=The Motley Fool |language=en}}</ref>
In December 2023, SoundHound acquired SYNQ3 Restaurant Solutions, a provider of voice AI for restaurants, for $25 million.<ref>{{Cite web |last=Rossolillo |first=Nicholas |date=2023-12-08 |title=SoundHound AI Bets on the Restaurant Industry -- Is the Stock a Buy Before the End of 2023? |url=https://www.fool.com/investing/2023/12/08/soundhound-ai-bets-on-the-restaurant-industry/ |access-date=2023-12-08 |website=The Motley Fool |language=en}}</ref>

Revision as of 11:13, 3 October 2024

Not to be confused with SoundCloud.

SoundHound AI, Inc.
Company typePublic
Nasdaq: SOUN
Industry
FoundedSeptember 2005; 19 years ago (2005-09)
Founder
  • Keyvan Mohajer
  • Majid Emami
  • James Hom
HeadquartersSanta Clara, California, United States
Key people
Keyvan Mohajer (CEO)
Mike Zagorsek (COO)
Tim Stonehocker (CTO)
Products
  • SoundHound Chat AI
  • Houndify
  • SoundHound Music
RevenueIncrease US$45.9 million (2023)
Number of employees
260 (2023)
Websitesoundhound.com
Footnotes / references
[1]

SoundHound AI, Inc. is a voice AI and speech recognition company founded in 2005. It develops speech recognition, natural language understanding, sound recognition and search technologies. Its featured products include a voice AI developer platform, SoundHound Chat AI, a voice-enabled digital assistant, and music recognition mobile app SoundHound. Key vertical industries include the automotive, IoT devices, restaurant and customer service industries. The company’s headquarters are in Santa Clara, California.[2]

History

The company was founded in 2005 by Keyvan Mohajer, an Iranian-Canadian computer scientist who had founded a number of dot com ventures before starting SoundHound.[3]

In 2009, the company's music discovery app Midomi was rebranded as SoundHound, but is still available as a web version on midomi.com.[4][5] The app grew from 2 million users in January 2010 to 100 million users in September 2012.[6]

In 2015, SoundHound became the first music recognition service shipping in cars, in a partnership with Hyundai, in the new Genesis model.[7]

In December 2015, SoundHound launched a voice AI platform that promised to “add voice-enabled conversational interface to anything,”[8] built on the company's proprietary Speech-to-Meaning® and Deep Meaning Understanding® technologies.[9]

By May 2016, SoundHound had over 300 million users globally.[10]

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.[11][12][13]

SoundHound won the 2020 Webby Award for Productivity (Voice) in the category Apps, Mobile & Voice.[14]

On November 16, 2021, SoundHound announced plans to become a public company via a SPAC merger with Archimedes Tech SPAC Partners Co.[15]

On April 28, 2022, the combined company SoundHound AI, Inc. went public, listed under the symbol SOUN on the Nasdaq.[16]

In November 2022, the company laid off 10% of its employees and implemented salary cuts in response to "ongoing economic turmoil across global markets."[17] It was also reported that SoundHound secured less than half of the anticipated funds from its SPAC merger deal.[18] 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.[19] In April 2023, SoundHound secured $100 million in strategic financing.[20]

In December 2023, SoundHound acquired SYNQ3 Restaurant Solutions, a provider of voice AI for restaurants, for $25 million.[21]

In June 2024, SoundHound acquired Allset, a restaurant ordering marketplace founded out of Ukraine.[22]

In July 2024, SoundHound introduced its voice AI assistant in Peugeot, Opel, Vauxhall, Alfa Romeo, and Citroën vehicles across Europe.[23][24]

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.[25]

Funding

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.[26] 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.[27] 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.[28]

In January 2017, the company raised another $75 million in an investment round that included Nvidia, Samsung, Kleiner Perkins Caulfield & Byers, and others.[29]

As of January 2018, the valuation of the company had reached $1 billion.[30] 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.[31]

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.[32][33]

See also

References

  1. ^ "SoundHound AI, Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 1, 2024.
  2. ^ May, Patrick (June 3, 2013). "Siri's got nothing on SoundHound's new app". The Mercury News. Retrieved March 1, 2016.
  3. ^ "Keyvan Mohajer, Soundhound Inc: Profile and Biography". Bloomberg.com. February 7, 2019. Retrieved December 2, 2020.
  4. ^ Rollison, Damian (January 27, 2010). "Tune identifier SoundHound announces new version with Pandora, tour dates". Venturebeat. Retrieved March 1, 2016.
  5. ^ "Midomi Website". www.midomi.com. Retrieved June 11, 2021.
  6. ^ Empson, Rip (September 20, 2012). "Chasing Shazam, SoundHound Quietly Passes 100M Users, Averaging 200K Downloads/Day". TechCrunch. Retrieved October 1, 2024.
  7. ^ "Hyundai and Kia tap SoundHound to help you identify music in your car". Engadget. January 14, 2014. Retrieved June 5, 2015.
  8. ^ Ha, Anthony (December 15, 2015). "SoundHound Launches Houndify Platform To Add A Voice Interface To Other Apps And Devices". TechCrunch. Retrieved October 1, 2024.
  9. ^ "About SoundHound AI". soundhound.com. Retrieved October 1, 2024.
  10. ^ "SoundHound now lets you use your voice to find music on the road | VentureBeat". May 17, 2016.
  11. ^ "Hyundai Motor Collaborates with SoundHound Inc. to Develop 'Intelligent Personal Agent' Voice-Control Technology". HYUNDAI MOTORS (Press release). Retrieved February 9, 2019.
  12. ^ "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.
  13. ^ "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.
  14. ^ Kastrenakes, Jacob (May 20, 2020). "Here are all the winners of the 2020 Webby Awards". The Verge. Retrieved May 22, 2020.
  15. ^ "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.
  16. ^ "SoundHound Announces Closing of Business Combination" (Press release). April 27, 2022.
  17. ^ Singh, Jagmeet (November 10, 2022). "SoundHound, the voice AI platform, lays off 10% of staff citing 'challenging market conditions'". TechCrunch. Retrieved October 3, 2024.
  18. ^ 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.
  19. ^ DeGeurin, Mack (January 13, 2023). "Voice AI Company SoundHound Lays Off Nearly Half Its Staff and Offers 'Pitiful' Severance". Gizmodo. Retrieved July 19, 2024.
  20. ^ "SoundHound AI Secures $100 Million in Strategic Financing From Atlas Credit Partners". Yahoo Finance (Press release). April 17, 2023. Retrieved July 4, 2023.
  21. ^ 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.
  22. ^ "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.
  23. ^ 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.
  24. ^ Gibbs, Nick (September 8, 2024). "Stellantis adds ChatGPT connection to more models". Automotive News. Retrieved September 30, 2024.
  25. ^ "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.
  26. ^ 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.
  27. ^ Staff, V. C. J. (October 8, 2008). "Melodis Adds $7 Million". Venture Capital Journal. Retrieved November 7, 2023.
  28. ^ Wauters, Robin (August 25, 2011). "Music Search Startup SoundHound Partners With Spotify For Instant Streaming". TechCrunch. Retrieved March 1, 2016.
  29. ^ 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.
  30. ^ 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.
  31. ^ Lynley, Matthew (May 3, 2018). "SoundHound has raised a big $100M round to take on Alexa and Google Assistant". TechCrunch. Retrieved September 21, 2018.
  32. ^ "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.
  33. ^ "Qatar First Bank invests in US-based voice AI firm, SoundHound - NNR". NewsnReleases (Press release). November 28, 2021. Retrieved January 16, 2022.
  • Business data for SoundHound AI, Inc.:
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=SoundHound&oldid=1249135893"