SANTA CLARA, Calif. - SoundHound AI , Inc. (NASDAQ:SOUN), known for its voice artificial intelligence technology, has announced a partnership with Perplexity AI to enhance its SoundHound Chat AI assistant. The collaboration aims to integrate Perplexity's online large language model (LLM) capabilities into SoundHound's voice assistant, which is already utilized in various sectors including automotive.
The new integration will allow the SoundHound Chat AI to provide more accurate and up-to-date responses to web-based queries. This enhancement is expected to improve the assistant's ability to handle complex questions by combining live data with generative AI explanations. For instance, users can inquire about current gas prices and receive a contextual response, followed by seamless navigation instructions to the nearest gas station.
SoundHound's voice AI products, developed over nearly two decades, are recognized for their speed and accuracy due to proprietary technology in AI, speech recognition, and natural language processing. The company boasts a broad knowledge domain access, ranging from flight times to restaurant searches, and now, with the addition of Perplexity's web-search results, it aims to set a new standard for voice assistants.
The integration also features specialized arbitration technology designed to intelligently select the most appropriate response, thereby reducing the occurrence of AI misunderstandings.
SoundHound's voice assistant, notably the first to incorporate generative AI capabilities and to be used in automotive production, is currently available in over 12 countries and in 18 languages, in partnership with Stellantis (NYSE:STLA).
Dmitry Shevelenko, Chief Business Officer at Perplexity AI, expressed the company's ambition to make Perplexity's technology widely accessible, enhancing the way users interact with voice AI. Mike Zagorsek, Chief Operations Officer at SoundHound AI, highlighted the significant increase in voice assistant usage in vehicles where the technology is deployed and anticipates this enhancement will further improve user experience.
This announcement is based on a press release statement from SoundHound AI, Inc.
InvestingPro Insights
As SoundHound AI, Inc. (NASDAQ:SOUN) forges ahead with its latest partnership to enhance its voice AI capabilities, the company's financial metrics and market performance offer additional insights for investors. According to InvestingPro data, SoundHound has a market capitalization of $1.54 billion, signaling a robust presence in the industry. Despite this, the company's P/E ratio stands at -20.92, indicating that it is currently not profitable. This aligns with an InvestingPro Tip highlighting that analysts do not expect the company to be profitable this year. Moreover, the company's revenue has seen a significant uptick, with a growth of 47.36% over the last twelve months as of Q4 2023.
Investors should note that SoundHound's stock price has experienced a strong return over the last year, with a 76.84% price total return. This performance is further emphasized by a substantial 112.83% return over the last three months, demonstrating investor confidence and market momentum for SoundHound. An additional InvestingPro Tip points out the stock's high price volatility, which could be indicative of both the opportunities and risks inherent in the tech sector.
For those considering an investment in SoundHound, it's worth noting that there are more InvestingPro Tips available, which can provide deeper analysis and forecasts. Interested investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to these valuable insights. SoundHound's next earnings date is set for May 9, 2024, which will likely provide further clarity on the company's financial trajectory and the impact of its strategic partnerships.
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