The companies said that SoundHound Inc will go public on Tuesday with a blank-check firm through a merger that values the voice assistant maker at $2.1 billion.
SoundHound will get $244 million from Archimedes Tech SPAC Partners Co, which will consist of a $111 million private placement in public equity and about $133 million from the special purpose acquisition company's SPAC IPO, assuming no redemptions.
The company has developed a voice artificial intelligence platform that helps businesses integrate conversational voice assistants into their products, a company founded in 2005 by a group of Stanford graduates. The company has customers that include Snap, Mastercard, and Hyundai Motor Co.
Oracle Corp, Koch Industries, MKaNN Ventures, and others participated in the private investment in the PIPE round.
With additional additions planned in the near future, the Santa Clara, California-based company said its technology is available in 22 languages. It also gives clients tools to analyze customer usage and behavior, which they can use to improve the voice experience for their products.