Total amount raised
$240 Millions
Latest funding date
01/01/2023
Location
SoundHound has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company specializes in voice-enabled AI technology, offering innovative solutions across various industries.
Keep reading to explore the intricacies of SoundHound's fundraising journey and the investors backing this cutting-edge platform.
What Is SoundHound?
SoundHound, founded in 2005, is headquartered in Santa Clara, California. The company was established by Keyvan Mohajer, Majid Emami, and James Hom. Specializing in voice-enabled AI technology, SoundHound has grown to employ over 200 people, offering innovative solutions across various industries.
How Much Funding Has SoundHound Raised?
- Amount Raised: $25 million
- Date: January 2023
- Valuation at Round: $295 million
- Motivation Behind the Round: Stabilizing market position and providing severance to laid-off employees.
SoundHound has raised a total of $25 million with a current valuation of $295 million.
Key Investors
SoundHound has attracted a diverse group of investors over its multiple funding rounds. Here are some of the major investors backing the company:
- Samsung Catalyst Fund
- Details: Samsung Catalyst Fund is the venture capital arm of Samsung Electronics. It focuses on investing in disruptive technologies and innovative startups.
- Investment Focus Areas: AI, IoT, cloud computing, digital health
- Notable Investments: Graphcore, Habana Labs, IonQ
- Orange Ventures
- Details: Orange Ventures is the venture capital fund of Orange Group, a leading telecommunications operator. It invests in high-growth technology companies.
- Investment Focus Areas: Fintech, cybersecurity, digital health, AI
- Notable Investments: PayJoy, Intersec, Wynd
- Nomura Holdings
- Details: Nomura Holdings is a global financial services group based in Japan. It provides investment, financing, and related services to individual, institutional, and government clients.
- Investment Focus Areas: Fintech, AI, blockchain, healthcare
- Notable Investments: Coinbase, Robinhood, Grab
- Hyundai Motor Company
- Details: Hyundai Motor Company is a South Korean multinational automotive manufacturer. It is known for its innovative approach to mobility solutions.
- Investment Focus Areas: Automotive technology, AI, robotics, smart cities
- Notable Investments: Aurora, Rimac Automobili, Canoo
- Tencent Holdings
- Details: Tencent Holdings is a Chinese multinational conglomerate holding company. It is one of the world's largest technology companies, known for its investments in various tech sectors.
- Investment Focus Areas: Social media, gaming, AI, fintech
- Notable Investments: Epic Games, Tesla, Spotify
What's Next for SoundHound?
SoundHound is poised to capitalize on the growing demand for voice AI technology, particularly in the automotive, connected home, and hospitality sectors. With partnerships with major brands like Mercedes-Benz, Kia, and Hyundai, the company is well-positioned to expand its market presence. The anticipated 50% revenue growth in 2023 underscores the significant opportunities ahead.
Future fundraising efforts may be necessary to support this growth and meet operational needs, including severance obligations. However, economic challenges and proving product-market fit remain hurdles. SoundHound's ability to navigate these challenges will be crucial for its continued success and potential future acquisitions.
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