SoundHound Shares Rise After Company Signs 7-Year Agreement with Hyundai and Reports Q1 Earnings
May 17, 2022 By MarketDepth
SoundHound AI, Inc. (NASDAQ: SOUN) stock jumped more than 13% Tuesday, after the Company announced a 7-year deal with Hyundai to include SoundHound’s Edge+Cloud voice AI technology, music recognition software, voice commerce solution, and multiple-language conversational intelligence in a broad range of vehicle models globally.
“Our partnership with SoundHound opens up possibilities for us to push the capabilities of voice inside Genesis, Hyundai, and Kia vehicles and enhance our customers’ driving experiences beyond what is possible today. SoundHound’s solution gives us the freedom to have a single hybrid solution that provides a seamless experience between cloud and edge voice capabilities.”Paul Choo, Executive VP, Infotainment Development Center at Hyundai Motor Company
“The size and scope of this agreement will allow Hyundai to bring the power of voice AI to drivers in every class of vehicle in markets around the globe,” said Keyvan Mohajer, CEO and Co-Founder, SoundHound Inc. “Our Edge+Cloud and Active Arbitration technologies deliver a seamless, conversational voice experience not previously possible with a single voice AI platform.”
Additional News to Q1 Earnings
This announcement came in addition to SoundHound’s 2022 Q1 earnings release, featuring $230 million in cumulative bookings spanning multiple verticals and demonstrating broad business momentum. Through its long-term partnership with Hyundai, SoundHound is expected to further grow bookings based on upcoming delivery milestones.