Voice and music recognition agency SoundHound to listing on NASDAQ with $2.1bn valuation by way of SPAC merger

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

The mixed firm will likely be known as SoundHound AI, Inc. and it plans to listing publicly on the NASDAQ underneath 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 gaggle of Stanford graduates, SoundHound first developed a music recognition app, and Shazam rival known as ‘SoundHound’, which has been downloaded over 315 million occasions worldwide.

In 2015, SoundHound expanded its providing by unveiling voice AI developer platform Houndify, which lets companies throughout numerous 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, by way of Houndify, began to let manufacturers and builders license its music search expertise to be used inside their software program interfaces, or to entry by way of 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 at present out there in 22 languages, with further languages deliberate within the close to future.

Right now, 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 thirty days throughout its ecosystem of product partnerships and that its question quantity doubled within the first half of 2021.

The agency tasks 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 plenty of firms 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’s going to retain its administration staff, 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 and marketing).

“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. Corporations throughout industries acknowledge that voice AI is important to buyer retention, model loyalty, market competitiveness, and future success.

“The rising demand for these firms to personal their buyer relationships and information have positioned SoundHound as a number one resolution 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 by way of the perfection of contact, SoundHound is poised to disrupt and revolutionize human-machine interplay by way of voice.”

Eric Ball, Archimedes

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

“SoundHound, with its breakthrough pure language expertise and Collective AI method, 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 a part of a rising voice AI ecosystem, all whereas retaining full management of their model.

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

Particular Goal Acquisition Corporations have grow to be more and more widespread 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 by way of a SPAC merger.

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

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

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