SANTA CLARA, Calif. - SoundHound AI , Inc. (NASDAQ: NASDAQ:SOUN), a voice artificial intelligence company, has announced the launch of the Lucid (NASDAQ:LCID) Assistant, a new voice AI feature in Lucid's electric vehicles. The company, which has shown impressive revenue growth of 76% in the last twelve months, is currently trading above its InvestingPro Fair Value. The Lucid Assistant, which is powered by SoundHound's proprietary Chat AI technology, aims to enhance the in-vehicle experience by offering intuitive voice control over various vehicle functions.
The Lucid Assistant is designed to provide drivers with an interactive knowledge discovery platform, allowing them to control features such as navigation and access to the vehicle's full manual through voice commands. It responds to the wake words "Hey Lucid" and can answer questions with fast, accurate responses, drawing from both generative AI technology and real-time information domains. With a market capitalization of $7.3 billion and strong momentum in its stock price, which has surged over 850% in the past year, SoundHound AI has captured significant investor attention. Access detailed analysis and 15+ additional ProTips with InvestingPro.
Lucid, known for its advanced electric vehicles, has integrated this voice AI to facilitate an ever-improving user experience through frequent over-the-air software updates. The Lucid Assistant is now available to Lucid Air owners and can be experienced firsthand at SoundHound's booth during the CES event.
SoundHound's Chat AI platform is the first to fully integrate a voice assistant with generative AI technology into production vehicles. This integration offers a more natural and conversational interaction with the vehicle, catering to queries about weather, sports, stocks, and more without requiring a cellular connection.
The Lucid Assistant also employs a proprietary approach to minimize "AI hallucinations," which are unpredictable and misleading responses sometimes produced by large language models (LLMs). Currently, the assistant supports multiple languages including English, Spanish, French, Arabic, German, and Dutch, with plans to add more languages soon.
This collaboration between Lucid and SoundHound reflects a commitment to improving the driver experience through innovative technology. While the company maintains a healthy current ratio of 2.58 and operates with moderate debt levels, InvestingPro's Financial Health Score indicates a "Fair" overall rating. SoundHound AI's COO, Michael Zagorsek, expressed confidence that their voice technology will fundamentally change vehicle interactions in the future.
The information for this article is based on a press release statement.
In other recent news, SoundHound AI has experienced a significant surge in institutional interest and growth in AI applications. Analysts from H.C. Wainwright and Wedbush have recently increased their price targets for the company, maintaining Buy and Outperform ratings respectively. This is in response to SoundHound AI's notable revenue growth of 89% year-over-year in the third quarter of 2024, reaching $25.1 million. As a result, the company has revised its revenue projections upward for the fourth quarter of 2024 and the full year of 2025, expecting revenues to range between $155.0 million and $175.0 million.
In addition to financial performance, SoundHound AI has also expanded its business scope through new contracts and acquisitions, and has made significant strides in partnerships, notably with Apivia Courtage. The deployment of SoundHound’s Amelia AI Agents has assisted in managing over 100,000 customer service calls, reducing Apivia Courtage's direct customer queries by nearly 20%.
These recent developments reflect the growing demand for SoundHound AI's services across several industries and the company's potential for further growth. However, it is important to note that despite these positive developments, SoundHound AI remains unprofitable with an EBITDA of -$88.4 million in the last twelve months.
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