SoundHound AI: From In-Car Voice Assistants to Restaurant AI, A Company on a Mission to Transform Industries
SoundHound AI Inc. (SOUN), the innovative company behind cutting-edge voice AI technology, is making waves across multiple industries, from automotive to hospitality. In an exclusive interview with Benzinga, Keyvan Mohajer, CEO of SoundHound AI, shed light on the company’s recent advancements and its ambitious vision for the future.
Key Takeaways:
- SoundHound AI is leading the charge in in-car voice AI, pioneering the integration of generative AI and achieving significant market penetration with six major automotive brands. They’ve launched their Chat AI voice assistant in 17 markets and continue to expand globally.
- The company is also making a significant impact on the restaurant industry, with over 10,000 locations already utilizing its AI technology for customer service. The company’s CEO compares this to Amazon’s early days with books, stating, "Restaurants are to SoundHound AI what books were to Amazon."
- SoundHound AI has a three-pillar revenue strategy: providing branded digital assistants, offering AI customer service solutions, and building a voice commerce ecosystem. The company estimates the total addressable market for AI customer service to be $100 billion in North America alone.
SoundHound AI’s Cutting-Edge In-Car Voice AI
SoundHound AI is setting a new standard in the automotive AI landscape by deploying its Chat AI voice assistant in European automotive brands. The company’s CEO proudly states, "Not only were we the first voice assistant provider to integrate generative AI, we were also the first to pilot and launch anywhere in the world."
This innovative voice AI solution, launched with six major automotive brands, is witnessing significant usage growth. Mohajer highlights the company’s impressive combination of agility and quality: "Agility and quality are tough to achieve in tandem, but thanks to our long history in voice AI and our highly extensible platform, we’ve achieved it."
‘Our OEM Partners Really Value This’
The partnership with Stellantis NV (STLA) is a key milestone for SoundHound AI. Mohajer explains, "We’ve been working with the automotive industry for nearly a decade, and now millions of vehicles across the globe use our in-vehicle voice assistant in more than 20 languages." This experience allows SoundHound to effectively manage risks and deliver value. Mohajer emphasizes the company’s unique offering of control over brand and data: "Our OEM partners really value this."
With its expansion into 17 markets by the end of July, SoundHound AI is solidifying its global presence. The company’s voice technology seamlessly integrates vehicle controls, real-time data, and generative AI responses, providing a superior user experience. Mohajer notes the growing enthusiasm from OEMs: "What is new for the company is that more auto brands in those markets are fully embracing our category-leading assistant, which combines vehicle controls, real-time data (like weather and navigation), and generative AI responses."
‘Restaurants Are To SoundHound AI What Books Were To Amazon,’ Says CEO
SoundHound AI is also making significant strides in the restaurant industry, with over 10,000 locations already utilizing its AI technology for customer service.
Mohajer compares the company’s foray into this industry to Amazon’s early days with books, stating, "Restaurants are to SoundHound AI what books were to Amazon. In time, we look forward to using our extensive AI know-how and leveraging the very latest technology to provide best-in-class solutions right across industries."
The company’s AI now extends across various industries, including fitness and personal care, with over 100,000 locations in the pipeline. Mohajer is confident about the future, saying, "We believe AI customer service will be as necessary to every business as wifi and electricity and that creates an incredible opportunity for SoundHound."
Eyeing A $100B TAM In North America Alone
SoundHound AI’s multi-industry approach is built on a three-pillar revenue strategy. Mohajer elaborates: "At SoundHound we have a three pillar revenue strategy… we provide a branded digital assistant like SoundHound Chat AI to physical products like cars (as discussed), but also TVs, and smart devices."
The strategy also includes providing AI customer service solutions that operate on a subscription model. Mohajer notes the significant growth in this area: "We’re also seeing huge growth in this area, often driven by labor shortages. We estimate its size to be a $100 billion TAM in North America alone."
SoundHound’s ambitious plans aim to create a seamless voice commerce ecosystem, generating new revenue streams while enhancing user experience. Mohajer describes this vision: "We’re building the voice commerce ecosystem of the future, and the revenue of this pillar is monetization revenue."
Looking Ahead: SoundHound AI’s Ambitious Future
As SoundHound AI continues to evolve and expand, investors should monitor its strategic partnerships, global market entries, and industry-specific implementations to gauge the company’s future potential and market position. The company’s bold vision, coupled with its impressive track record and diverse portfolio, positions it well for continued success in the rapidly growing AI landscape.
