SoundHound AI, a company specializing in AI voice technology, has announced significant news: its voice solutions have been successfully deployed in seven of the top 20 fast-food chains in the United States. The company's latest financial report shows that its third-quarter revenue reached $25 million, an increase of 89% year-over-year, setting a new quarterly record.
According to Keyvan Mohajer, CEO and co-founder of SoundHound AI, the company's AI voice technology has been widely applied in various scenarios, including drive-thru ordering, telephone ordering, self-service kiosks, mobile applications, and employee support systems. Notably, in the telephone ordering service within the food industry alone, its AI system has independently handled over 100 million customer interactions.
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Mohajer emphasized that customers are not only satisfied with the increased efficiency in order processing but are also pleasantly surprised by the upselling capabilities brought by AI. Restaurants using SoundHound's voice AI tools have reported that drive-thru applications have accelerated order reception speeds, mobile applications meet both ordering and business consultation needs, and employee assistance applications have improved kitchen efficiency.
In terms of business diversification, SoundHound AI has made significant progress. A year ago, the company's largest customer accounted for 72% of its revenue, which has now dropped to 12%. The industry distribution has also become more balanced, with the company's revenue no longer heavily reliant on the automotive industry as it was last year, but now evenly spread across automotive, food, financial services, healthcare, and insurance, each accounting for between 5% and 25% of the revenue.
Nitesh Sharan, the company's Chief Financial Officer, stated: "Over the past year, we have achieved significant diversification in our customer base, product portfolio, industry coverage, and geographical expansion. We have solidified our capital base and extended our business into this emerging era-defining technological revolution."