- SoundHound Inc SOUN aims to go public via a special purpose acquisition company (SPAC) merger with Archimedes Tech SPAC Partners Co ATSPT, valued at $2.1 billion.
- Enterprise software firm Oracle Corp ORCL, Koch Industries, MKaNN Ventures, and others participated in the private investment in public equity (PIPE) round.
- SoundHound will list on the Nasdaq under the ticker symbol "SOUN."
- The deal will provide SoundHound with proceeds of $244 million, consisting of a $111 million private placement in public equity and about $133 million from the SPAC IPO.
- SoundHound would utilize the proceeds to expand its platform and enter new markets globally.
- SoundHound developed a voice artificial intelligence platform to help businesses integrate conversational voice assistants into their products.
- The company counts Hyundai Motor Co HYMLF, Mercedes-Benz, Mastercard Inc MA, and Snap Inc SNAP among its customers.
- SundHound's technology is available in 22 languages, with further additions planned shortly. It also offers clients tools to analyze customer usage and behavior, which they can then use to improve the voice experience for their products.
- Price Action: ATSPT shares traded higher by 1.53% at $9.97 in the premarket session on the last check Tuesday.
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