SoundHound AI Secures New Financing to Strengthen Balance Sheet; Pre-Announces Outperformance in 2022 Results
Full year 2022 revenue expected to be at high-end of guidance range
SoundHound AI, Inc. (NASDAQ:SOUN), a global leader in voice artificial intelligence, today announced further steps to strengthen its balance sheet and fully fund its business plan in anticipation of being GAAP operating cash flow positive by the end of 2023.
On Friday, January 20, the Company closed $25 million in preferred equity financing. The oversubscribed financing includes investments from a diverse set of financial and strategic investors, both from the current shareholder base and new capital providers. The preferred equity is convertible into shares of Class A common stock under certain circumstances, including a
