SoundHound AI has received $100 million in strategic funding. SoundHound AI Inc. SoundHound AI, a global pioneer in voice artificial intelligence, today announced the conclusion of a new $125 million credit facility from Atlas Credit Partners, with $100 million fully-funded at closing.
This strategic transaction completes the Company’s objectives outlined at the start of the year to refinance its current debt and strengthen its balance sheet.
SoundHound AI will be able to replace its existing $30 million loan with a more favorable structure that minimizes cash outflows and extends the maturity date to 2027 thanks to this new facility. Furthermore, the funds provide significant additional capital to drive future innovation and support the Company’s expansion goals.
The Company believes that with its greatly improved balance sheet and SoundHound AI’s track record of innovative innovation, it will be able to accelerate its pace of innovation and market expansion.
Recent innovations in artificial intelligence, such as Generative AI and Large Language Models, have triggered a wave of breakthroughs that are revolutionizing how humans can speak with technology in a more natural and seamless manner.
The recent innovative debuts of Dynamic Interaction and SoundHound Chat AI by SoundHound highlight the latest chapters in the company’s lengthy history of technological innovation. The Company’s distinct position has been bolstered by its ability to effectively combine market improvements with best-in-class voice AI capabilities.
SoundHound AI (Nasdaq: SOUN), a major innovator in conversational intelligence, provides an independent voice AI platform that enables businesses across industries to provide their customers with best-in-class conversational experiences.
SoundHound’s powerful speech AI platform, built on patented Speech-to-Meaning® and Deep Meaning Understanding® technologies, provides excellent speed and accuracy and enables humans to interact with products and services in the same way they connect with each other—by speaking naturally.
Hyundai, Mercedes-Benz, Pandora, Qualcomm, Snap, Square, Toast, LG, VIZIO, KIA, and Stellantis are among the companies that rely on SoundHound.