Voice AI Tech Company SoundHound and Archimedes Tech SPAC Partners today announced plans to merge in a deal that values the combined enterprise at $2.1 billion.
If approved, SoundHound AI would list on the Nasdaq under SOUN.
SoundHound has developed an independent voice AI platform that allows businesses across industries to integrate intelligent conversational voice assistants into their products. SoundHound’s innovations include Speech-to-Meaning® and Deep Meaning Understanding® technologies that process speech in one step, allowing people to interact with products and services the same way they do with each other — by simply talking.
The transaction is expected to deliver up to $244 million, including up to $133 million of cash held in Archimedes’ trust account, subject to redemptions, and $111 million from a fully-committed PIPE.
The PIPE is anchored by Oracle, Koch Industries, and MKaNN Ventures as well as investments by Cota Capital, VIZIO, HTC, FIH Mobile (a Foxconn Technology Group company), Structural Capital, Provco Group, Sompo, Pejman Nozad, and others.
The transaction is expected to close in the first quarter of 2022. Read more.
