Introduction
In truth ,when it comes to stocks ,US stock market news finds that technology has a role to play. Technology in itself is an industry that is very large and has various creative products to offer. Customers are using the latest technology that helps them do their work more efficiently and within less time .Artificial intelligence has major work to do with its presence like speech recognition, sound recognition,
Digital assistant, create avatar videos, chat platforms. AI is replacing human beings in many of the fields.AI promises a good future and various companies like google, Apple, Amazon, Microsoft are using it.
What is Sound Hound AI Inc?
Coupled with AI, Sound Hound AI Inc is an American company that is using Artificial Intelligence (AI) to provide services . It is a voice AI and speech recognition company .It develops speech recognition, natural language understanding, sound recognition . Its product include voice AI developer platform, Sound hound chat AI ,a voice enabled digital assistant, and music recognition phone app Sound Hound.It is a diversified organization with other verticals like automotive, IoT devices, restaurant and customer service industries.Its stock sells on NASDAQ under the SOUN stock.
SoundHound AI inc funding
As of June 2015 SoundHound Inc. had raised a total of $40 million in funding from Global Catalyst Partners, Translink Capital, Walden Venture Capital, and other investors.
Previously ,in January 2017, the company raised another $75 million in an investment round that included NVIDIA, Samsung, Kleiner Perkins Caulfield & Byers, and others.
As of January 2018, the valuation of the company had reached $1 billion. 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.
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.
Soun share performance
Soun stock was trading at $2.12 on January 1st, 2024. Its shares have now increased by 142.5%.It is now trading at $5.14.It comes under moderate buy.
Trends that are shaping the Southern Stock market
- Artificial Intelligence
With growth of AI , soundhound AI has large number of opportunities , with expanding into new markets and developing new products. The company must continue to innovate . It should provide unique selling propositions to its customers. AI has large number of players like Google, Microsoft, Amazon and has a huge competition .
- Valuation
There has been revenue growth in past few years, and the company is maintaining a healthy profit margin of 10%. Company also made efforts to pay its debts by laying of 10% of its workers. Trading volume has been relatively stable over the past few years. Shares of the company comes under a moderate buy
- Diversification
Company along with its AI development has many other veerticals like automotive, restaurants, customer service industries. With its diversified portfolio investors can feel secure that the company has a good future , that can drive them to investment.
4. Good funding
Company is able to generate good funding . In 2021 , it was able to raise $100 million funding in a funding round led by tencent holdings. That can effect the investor behaviour as other companies lay trust in the company future. It can secure some funding from medical companies that have a future like sharp technology thats sells its stock on NASDAQ under the ticker STSS . Stss stock have although decreased but can do better in future.
- Market Capitalization
It is a small – cap company with a market capitalization of $1.69 billion . The company is serving a niche sector of sound and speech recognition. They play an important aspect in the growth of the company . With this purpose, it should be able to face the competition from large – cap and mid- cap companies.
- Quarter earnings
The company had $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by $0.02. However, SoundHound AI’s revenue for the quarter was up 53.8% compared to the same quarter last year.
FAQS
1. What is SoundHound AI Inc.?
SoundHound AI Inc. is a technology company specializing in voice AI and conversational intelligence. Offering products and services that enable natural, conversational interactions with devices and applications.
2. Who are the main competitors of SoundHound AI?
Major competitors of SoundHound AI include companies like Google (Google Assistant), Amazon (Alexa), Apple (Siri), and Microsoft (Cortana).
3. What is Houndify?
Houndify is SoundHound’s voice AI platform . It provides developers with APIs to create voice-enabled experiences for apps, devices, and services across different industries.