SoundHound AI Partners with Beef 'O' Brady's to Revolutionize Restaurant Ordering with Voice AI Technology

SoundHound AI partners with Beef 'O' Brady's for voice orders By Investing.com

SANTA CLARA, Calif. - SoundHound AI , Inc. (NASDAQ:SOUN), known for its voice artificial intelligence technology, has announced a partnership with Beef 'O' Brady's, a family sports pub franchise, to roll out an AI-powered voice ordering system for customer phone orders. The initiative, which is already operational in all corporate locations, is now available for integration across the chain's franchises. The voice AI system by SoundHound is designed to understand and process natural human speech, allowing customers to place orders for pick-up without the need for manual intervention by restaurant staff. This technology aims to address high call volumes, especially during busy periods, by answering all calls and taking multiple orders simultaneously. According to the company, this will enable Beef 'O' Brady's employees to focus on preparing food and providing service to in-store guests. In addition to order taking, SoundHound's AI can respond to a variety of customer inquiries, including questions about the menu, special promotions, opening times, and parking. This enhancement comes as the nation prepares for the 2024 Summer Olympics, with the expectation that customers will benefit from the ease of ordering their favorite meals during the event. Jason Saposnik, VP of Information Technology at Beef 'O' Brady's, emphasized the company's commitment to innovation and customer satisfaction. He expressed enthusiasm about simplifying the ordering process through AI technology to ensure a smooth customer experience. SoundHound AI's expansion in the restaurant industry is supported by a consumer study indicating a growing trend towards AI-managed food ordering. With the recent acquisition of Allset, an online ordering platform, SoundHound AI aims to further strengthen its presence and partnerships within the restaurant sector. James Hom, Chief Product Officer at SoundHound AI, highlighted the importance of optimizing the ordering experience and praised Beef 'O' Brady's for being at the forefront of adopting AI technology to enhance customer interactions. This partnership represents a strategic move by both companies to adapt to shifting consumer preferences towards convenience and efficiency in the restaurant industry. The information is based on a press release statement. In other recent news, SoundHound AI has experienced significant financial developments. The company reported a robust 73% surge in revenue, with earnings surpassing $11 million. Despite an operating loss and a net loss for the quarter, SoundHound AI has shown confidence in its future performance by raising its full-year revenue guidance to between $65 million and $77 million. Furthermore, SoundHound AI announced the automatic conversion of all its series A preferred stock into class A common stock, resulting in approximately 2,134,631 new shares of common stock. This move followed the company's strong performance and the fulfillment of specific conditions agreed upon with investors. The company also reported the complete repayment of $100 million in outstanding debt, significantly improving its financial position and boosting its cash reserve to about $180 million. These recent developments reflect SoundHound AI's commitment to financial stability and growth, with the company aiming to achieve adjusted EBITDA profitability by 2025. SoundHound AI's financial health is further evidenced by a backlog of $682 million, indicative of customer commitment and long-term contracts. These developments are part of SoundHound AI's recent news and ongoing efforts to enhance its financial standing. As SoundHound AI, Inc. (NASDAQ:SOUN) forges ahead with its innovative voice AI technology in the restaurant industry, its financial metrics and market performance provide a broader context for its growth trajectory. With a substantial market capitalization of $1.92 billion, SoundHound AI reflects a significant market presence. The company's aggressive expansion is underscored by a remarkable 51.31% revenue growth over the last twelve months as of Q1 2024, outpacing many of its peers in the tech sector. Investors have taken note of SoundHound AI's potential, as evidenced by the impressive 225.7% price total return over the last six months. The market has responded positively to the company's strategic moves, including the partnership with Beef 'O' Brady's and acquisition of Allset, as indicated by a 35.9% price total return in the last month alone. However, it's worth noting that the company is trading at a high Price / Book multiple of 12.51, which suggests a premium valuation compared to its book value. This is a critical metric for investors to consider, especially in light of the fact that analysts do not anticipate the company will be profitable this year, as per an InvestingPro Tip. Moreover, with the company holding more cash than debt on its balance sheet, it is in a favorable position to manage its growth initiatives and navigate the competitive landscape. For those looking to delve deeper into the financial nuances of SoundHound AI, there are additional InvestingPro Tips available that can provide further insights into the company's performance and potential. To explore these tips and make more informed investment decisions, visit InvestingPro and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.

Beef 'O' Brady's Rolls Out SoundHound's Advanced Voice AI Ordering System

SoundHound AI, Inc. (Nasdaq: SOUN) ("SoundHound"), a global leader in voice artificial intelligence, and Beef 'O' Brady's, the family sports bar and grill chain, today announced a collaboration to enable customers to place phone orders for pick-up via a sophisticated voice AI ordering system. The popular restaurant chain operates in more than 20 states across the US. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240717148262/en/ Initially live in all corporate locations -- and now available for integration into franchises -- SoundHound's voice AI technology is trained on Beef 'O'Brady's extensive menu and designed to understand regular human speech so that customers can order by speaking naturally. The system is highly accurate, and even during busy periods the AI answers 100% of calls -- including taking multiple orders simultaneously -- allowing Beef 'O' Brady's staff to concentrate on preparing delicious meals and providing excellent service to in-store patrons. Now, as the nation gears up for the 2024 Summer Olympics, Beef 'O' Brady's customers can enjoy the convenience of ordering their favorite meals seamlessly using SoundHound's automated AI ordering system. Whether hosting a viewing party at home, or enjoying the games with family, fans can be confident their phone orders will be captured and processed quickly and accurately. Beyond taking orders, SoundHound's AI technology can answer a variety of menu-related questions, provide information about specials and promotions, and handle inquiries about opening times, parking, allergens, and other frequently asked questions. "At Beef 'O' Brady's, we're committed to innovation and customer satisfaction," said Jason Saposnik, VP of Information Technology at Beef 'O' Brady's. "With SoundHound, we're integrating cutting-edge AI technology to make ordering food as simple and natural as possible, allowing our staff to focus on what they do best -- serving great food and experiences. We're ensuring that every interaction with Beef 'O' Brady's is smooth and enjoyable." SoundHound AI continues to expand its footprint in the restaurant industry, supported by a recent consumer study, commissioned by the company, revealing that nearly 80% of regular diners in the U.S. believe that AI voice assistants will handle most food ordering in the next few years. SoundHound's voice AI solutions are already deployed in over 10,000 restaurant locations, with solutions for phone, drive-thru, kiosk, headset, and other devices. SoundHound also recently acquired Allset, an online ordering platform that connects restaurants and local customers, to further increase the company's restaurant industry relationships and reach. "As consumer preferences shift towards convenience, optimizing the ordering experience is essential for restaurants," said James Hom, Chief Product Officer at SoundHound AI. "Beef 'O' Brady's is leading the way in embracing AI technology, enhancing customer interactions throughout their journey. We are thrilled to partner with them to advance the dynamic restaurant landscape, and to continue to expand our footprint in the restaurant space." For more information about SoundHound AI's restaurant solutions, visit www.soundhound.com. About SoundHound AI SoundHound AI (Nasdaq: SOUN), a global leader in conversational intelligence, offers voice AI solutions that let businesses offer incredible conversational experiences to their customers. Built on proprietary technology, SoundHound's voice AI delivers best-in-class speed and accuracy in numerous languages to product creators across automotive, TV, and IoT, and to customer service industries via groundbreaking AI-driven products like Smart Answering, Smart Ordering, and Dynamic Drive Thru , an AI-powered multimodal food ordering solution. Along with SoundHound Chat AI, a powerful voice assistant with integrated Generative AI, SoundHound powers millions of products and services, and processes billions of interactions each year for world class businesses. About Beef 'O' Brady's Beef 'O' Brady's is a franchise of family sports pubs that provides the perfect atmosphere for friends and families to watch the game and grab a bite. With a focus on providing value without sacrificing quality, the Beef 'O' Brady's menu features delicious family favorites. Beef 'O' Brady's is strongly dedicated to community involvement through ongoing partnerships with local schools, youth sports leagues and other community groups. Beef 'O' Brady's currently operates 140 locations in 21 states. For more information about franchising opportunities, visit http://www.beefobradysfranchise.com.