By Dean Seal

Shares of SoundHound AI Inc. rose 5.74% to $6.45 in early trading after the artificial intelligence-focused company said it signed a seven-year deal with Hyundai.

The deal will see SoundHound's voice AI technology, music recognition software and voice commerce solutions integrated into a broad range of Hyundai vehicle models.

"The size and scope of this agreement will allow Hyundai to bring the power of voice AI to drivers in every class of vehicle in markets around the globe," Keyvan Mohajer, SoundHound's CEO, said in a statement.

News of the deal comes just after SoundHound reported a 15% increase in quarterly revenue to $4.3 million, and said its cumulative bookings backlog has swelled 134% to $230 million. The Wilmington, Del.-based company's loss widened for first quarter to $25.1 million, or $2 a share, compared with a loss of $19.3 million, or $1.62 a share, in the same quarter a year ago.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 17, 2022 11:16 ET (15:16 GMT)

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