California, USA-based global leader in voice artificial intelligence, SoundHound AI secured USD 125 million in strategic financing. The company received funding on April 17, 2023. Atlas Credit Partners provided the firm with USD 100 million in financing. The Credit Agreement also allows SoundHound AI to potentially tap into additional capital of up to USD 25 million.

Union Square Advisors LLC and Cantor Fitzgerald & Co served as financial advisors to SoundHound AI with respect to strategic financing. 

Purpose of financing for SoundHound AI

With the latest financing, the company plans to refinance its current debt and further solidify its balance sheet. 

The recent funding enables SoundHound AI to replace its existing USD 30 million debt with a more favourable structure. The company’s new structure reduces the company’s cash outflows and extends the maturity date to 2027. Besides, the company looks forward to driving further innovation and supporting its growth plans with additional capital.

It also has plans to fuel its pace of innovation and market expansion.

What the company’s official has to add

Keyvan Mohajer, CEO and Co-Founder of SoundHound said, “The clear intersection between demand for sophisticated Conversational AI and adoption of SoundHound’s category-leading technology stack with 17+ years of maturity has created a unique opportunity. Today, this potential has been acknowledged and underscored with a significant financial commitment from Atlas Credit Partners. Having this additional capital available will play a key role in setting SoundHound up for continued, long-term success.”

What the investor has to add

Drew Mallozzi, Chief Investment Officer and Managing Partner at Atlas Credit Partners said, “Today’s announcement with SoundHound AI demonstrates our commitment to empowering technology leaders in their respective categories. After meeting Keyvan and the SoundHound team, the sophistication of their voice AI, robust data, and technology stack made our decision to partner naturally. We believe our investment will help SoundHound AI to accelerate the pace at which they are redefining voice AI and enable them to further extend their global lead.”

About the company 

In 2005, Founders James Hom, Keyvan Mohajer, and Majid Emami launched the company. SoundHound AI is a leading innovator of conversational intelligence. It provides an independent voice AI platform that enables businesses across industries to deliver best-in-class conversational experiences to their customers. Giants such as Hyundai, Mercedes-Benz, Pandora, Qualcomm, Snap, Square, Toast, LG, VIZIO, KIA, and Stellantis use the company’s platform.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.

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