SoundHound AI is advancing its conversational intelligence technology, integrating large language models (LLMs) into customer service applications, particularly in the automotive and restaurant industries.
The company, founded in 2005, has gained attention for its voice assistant, which incorporates ChatGPT, now in full production in Stellantis DS vehicles across Europe.
SoundHound's partnership with Nvidia includes the development of the Nvidia Drive platform, offering generative AI capabilities for vehicles, even offline. This innovation could enhance service and repair processes by utilizing the car's manual.
Nvidia's investment in SoundHound, amounting to $3.7 million, reflects confidence in the company's technology and leadership. Additionally, Nvidia's systems are reportedly able to handle 90% of restaurant orders autonomously, improving efficiency in drive-thru operations.
Despite a 54% year-over-year revenue growth in Q2, SoundHound's sales remain modest at $13.5 million, and operational losses have increased to $22 million. However, with $200.2 million in cash reserves, the company can sustain its operations for several more quarters.
The significance of SoundHound's developments lies in its potential to reshape customer interaction through AI, making it a noteworthy player in the ongoing evolution of technology in everyday life.