With partnerships in the automotive space, SoundHound AI SOUN is using artificial intelligence to help consumers better connect to their vehicles and help car companies profit from transactions.
SoundHound Unlocks AI Opportunities: SoundHound AI has partnerships with automotive companies like Hyundai and Stellantis N.V. STLA, making the sector one of the most important for the growing artificial intelligence company founded in 2005.
"Automotive is something that we love," SoundHound AI COO Mike Zagorsek told Benzinga in an exclusive in-person interview in Detroit, Michigan.
SoundHound was in town taking part in an automotive conference where it demonstrated its technology to consumers and automotive executives.
"Automotives are rapidly pivoting."
Zagorsek said that the automotive sector is undergoing significant disruption, with technology now taking center stage and the applications of AI rapidly expanding.
Using technology from SoundHound AI, automotive companies will be able to offer ways for consumers to have deeper conversations with their vehicles, order food, be more productive, and plan trips, Zagorsek added.
"We think voice is really the killer app."
The SoundHound AI executive said one way the company will help automakers is with monetization opportunities, giving an example of a person in a vehicle asking for directions to Comerica Park, where the Detroit Tigers play, and later asking for tickets to Detroit sporting events.
Zagorsek said if the person in the vehicle reserves tickets, it can be a monetization event for the automaker.
"We think voice unlocks all of that."
Automakers can also offer subscriptions to connected services, which can include the voice features SoundHound offers, Zagorsek said.
While SoundHound's focus this week is automotive, the company offers voice AI services across several sectors, including working with restaurants and enterprises.
"We are a voice and conversational AI company. We want to voice-enable the world."
Zagorsek said the company wants to enable people to interact with products in the same natural way they communicate with each other.
"We can cover every part of the business."
Read Also: SoundHound AI Q2 Earnings: Revenue Beat, EPS Beat, Raised Guidance On ‘Strong Customer Momentum’
What's Next: Zagorsek said the acceleration from generative AI will continue to expand, with many companies being born today in the sector and companies embracing the technology.
"It feels like a category platform shift," Zagorsek said.
He added that there will be big winners in the space with NVIDIA Corporation NVDA, who is an investor in SoundHound, the standout on the technology side of the AI sector.
"AI is data hungry," Zagorsek said, emphasizing that SoundHound is focused on being part of the segment of companies actively applying AI technology and bringing it to market.
"That's the space people are increasingly leaning into."
Zagorsek said SoundHound is an AI developer that targets vertical markets and solves problems for them.
"This is where we will see a lot of growth."
SOUN Price Action: SoundHound AI stock is down 1.5% to $5.30 on Tuesday, versus a 52-week trading range of $1.49 to $10.25. SoundHound stock is up 153% year-to-date in 2024.
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