Voice and music recognition agency SoundHound to checklist on NASDAQ with $2.1bn valuation through SPAC merger

US-based voice recognition firm SoundHound Inc has entered right into a definitive merger settlement with particular function acquisition firm, referred to as Archimedes Tech SPAC Companions Co.

The mixed firm can be referred to as SoundHound AI, Inc. and it plans to checklist publicly on the NASDAQ below the image SOUN following the closing of the transaction in Q1 of 2022. SoundHound says that the transaction values it at roughly $2.1 billion.

Began in 2005 by a bunch of Stanford graduates, SoundHound first developed a music recognition app, and Shazam rival referred to as ‘SoundHound’, which has been downloaded over 315 million instances worldwide.

In 2015, SoundHound expanded its providing by unveiling voice AI developer platform Houndify, which lets companies throughout varied industries combine what it calls “clever conversational voice assistants” into their merchandise.

In 2016, SoundHound launched Hound, which it describes as “the world’s most superior voice search and assistant app”. It’s additionally the primary client product to make use of the corporate’s Proprietary ‘Speech-to-Which means’ recognition expertise.

Moreover, in 2018, SoundHound, through Houndify, began to let manufacturers and builders license its music search expertise to be used inside their software program interfaces, or to entry through voice queries.

SoundHound says that its expertise contains 227 patents granted or pending throughout speech recognition, pure language, machine studying, and extra.

As well as, amongst this patented or patent pending tech are SoundHound’s fingerprinting and music recognition, broadcast and supply identification, lyrics synchronization and sing/hum recognition instruments.

The corporate’s expertise can also be presently obtainable in 22 languages, with further languages deliberate within the close to future.

At present, SoundHound’s tech powers the voice recognition instruments in merchandise from manufacturers together with Hyundai, Mercedes-Benz, Pandora, Mastercard, Deutsche Telekom, Snap, VIZIO, KIA, Stellantis, and others.

SoundHound says that it processes over 100 million queries per 30 days throughout its ecosystem of product partnerships and that its question quantity doubled within the first half of 2021.

The agency initiatives to exceed 1 billion queries by the tip of the 12 months.

Prior the information of the SPAC merger, SoundHound, already had an “unprecedented {industry} alliance” in place with over $280 million of “prior investments” from a variety of corporations together with Hyundai, Daimler AG / Mercedes-Benz, Samsung, Tencent, NVIDIA, Orange, Korea Telecom, Nomura, Midea, Naver, Line, Cota Capital, Sompo Japan, Walden VC, Kleiner Perkins, Translink Capital, The Non-public Shares Fund, International Catalyst Companions, and others.

​​Following completion of the transaction, SoundHound says that it’ll retain its administration crew, which incorporates Keyvan Mohajer (Founder & CEO), Majid Emami (Co-Founder & VP of Engineering), James Hom (Co-Founder & VP of Merchandise), Michael Zagorsek (COO), Nitesh Sharan (CFO), Tim Stonehocker (CTO), Kamyar Mohajer (VP Company Technique & Growth), Amir Arbabi (VP Enterprise Growth), Angeline Tucker (VP Folks & Tradition), Warren Heit (VP Authorized & Normal Counsel), and Lisa Flattery (VP Advertising).

“This transaction will speed up our mission to voice-enable the world with conversational intelligence.”

Keyvan Mohajer, SoundHound

Keyvan Mohajer, CEO and Co-Founder, SoundHound, stated:  “We imagine voice AI is poised to create the following main disruption in computing. Firms throughout industries acknowledge that voice AI is crucial to buyer retention, model loyalty, market competitiveness, and future success.

“The rising demand for these corporations to personal their buyer relationships and knowledge have positioned SoundHound as a number one answer for voice assistants globally.

“This transaction will speed up our mission to voice-enable the world with conversational intelligence.”

“Very like Apple disrupted and revolutionized human-machine interplay through the perfection of contact, SoundHound is poised to disrupt and revolutionize human-machine interplay through voice.”

Eric Ball, Archimedes

Eric Ball, Chairman of Archimedes, added: “Very like Apple disrupted and revolutionized human-machine interplay through the perfection of contact, SoundHound is poised to disrupt and revolutionize human-machine interplay through voice.

“SoundHound, with its breakthrough pure language expertise and Collective AI strategy, in addition to its standing as an impartial voice AI supplier, permits gadget makers world wide to include conversational AI into their merchandise and be part of a rising voice AI ecosystem, all whereas retaining full management of their model.

“SoundHound is being embraced by an ever-increasing checklist of industry-leading purchasers, companions and traders and Archimedes is proud and thrilled to be the one to convey SoundHound to the general public market.”

Particular Function Acquisition Firms have change into more and more frequent fixture within the music and music expertise sectors this 12 months, from long-time Geffen Data President Neil Jacobson’s $200m IPO in New York, to Anghami’s NASDAQ plans through a SPAC merger.

Reservoir, in the meantime, floated on the NASDAQ through a merger with a SPAC (particular function acquisition firm) in July.

Elsewhere, in Europe, a SPAC referred to as I2PO launched in July with over $300 million at its disposal.Music Enterprise Worldwide

What do you think?

Written by colin


Leave a Reply

Your email address will not be published. Required fields are marked *



committee: Jairam Ramesh offers dissent be aware to joint panel on Private Information Safety Invoice

Biden offers Fed’s Powell nod to complete pandemic restore By Reuters