SoundHound AI (NASDAQ:SOUN) saw its stock jump 20% Friday afternoon in the wake of news that customer engagement platform Airmeez plans to use SoundHound’s voice AI technology for its AI-powered virtual assistants.
SoundHound shares opened at $1.60, reaching a high of $2.39 in late morning. The stock recently changed hands at $1.87 at approximately 1:30 p.m. ET.
Airmeez announced Thursday that it would be working with SoundHound to bring a “seamless conversational AI experience” for AI-powered virtual assistants, notifications and customer engagement products. Terms of the partnership were not disclosed.
Earlier this week, SoundHound said that it expects 2022 revenue to come in around $31M, which would fall at the upper end of its previously issued guidance. The company also said it had closed on a $25M preferred equity financing and was in the process of refinancing its debt.
In January, the company said that it expects to become operating cash flow positive by the end of 2023 due to recent cost-cutting measures and increasing revenue.
SoundHound went public in April 2022 following a merger with SPAC Archimedes Tech. The stock has traded widely since its debut, hitting a 52-week high of $18.14 on May 3 and a 52-week low of $0.93 on Dec. 22.
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