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Soundhound AI (NASDAQ: Voice) saw its stock jump 20% Friday afternoon following news that customer engagement platform Airmeez plans to use SoundHound’s voice AI technology for AI-powered virtual assistants.
Shares of SoundHound opened at $1.60, reaching a high of $2.39 in the morning. The stock recently traded at $1.87 at 1:30 p.m.
Ermez announced Thursday that it will work with SoundHound to bring a “seamless conversational AI experience” to its AI-powered virtual assistants, notifications and customer engagement products. The terms of the partnership were not disclosed.
Earlier this week, SoundHound said it expects 2022 revenue to come in at around $31M, which would fall on the upper end of its previous guidance. The company said it closed on $25 million in preferred equity financing and is in the process of refinancing its debt.
In January, the company said it expects to be cash flow positive by the end of 2023, thanks to recent cost-cutting measures and rising revenue.
Soundhound was announced in April 2022 following a merger with SPAC Archimedes Tech. In the year It has traded broadly since its inception, hitting a 52-week high of $18.14 on May 3 and a 52-week low of $0.93 on December 22.
IT developers have been in the spotlight this week following Microsoft’s ( MSFT ) multibillion-dollar investment in ChatGPT developer OpenAI.
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