SoundHound AI Gains After Striking A 7-year Deal With Hyundai

(RTTNews) - Shares of SoundHound AI, Inc. (SOUN) are rising more than 4% Tuesday morning after the voice artificial intelligence company announced 7-year deal with Hyundai.

The deal is to provide SoundHound's Edge+Cloud voice AI technology, music recognition software, voice commerce solution, and multiple-language conversational intelligence in HYundai vehicles.

The companies are also partnering to identify and deliver voice commerce opportunities to Hyundai customers including food ordering, voice payment, and promotions from content domain partners, SoundHound AI said.

Additionally, the company reported its first quarter results on Monday with cumulative bookings of $230 million, up 134% over prior year.

Revenue for the quarter increased 15% year-over-year to $4.3 million.

SOUN, currently at $6.39, has been trading in the range of $5.33-$18.14 in the past 52 weeks.