- Also, the financing will be used for growth
- The credit agreement also allows SoundHound AI to potentially tap into additional capital of up to $25 million
- Union Square Advisors LLC and Cantor Fitzgerald & Co acted as financial advisors to SoundHound AI in connection with this credit facility
Santa Clara, California-based SoundHound AI Inc, a provider of voice artificial intelligence, has secured a $125 million loan facility from Atlas Credit Partners.
The facility will be used by SoundHound AI to refinance its current debt and further solidify its balance sheet. Also, the funding will be used to support the company’s growth plans.
After closing costs, other expenses and repayment of existing debt, SoundHound AI is expected to have a cash balance of over $100 million. The credit agreement also allows SoundHound AI to potentially tap into additional capital of up to $25 million.
“Today’s announcement with SoundHound AI demonstrates our commitment to empowering technology leaders in their respective categories. After meeting Keyvan and the SoundHound team, the sophistication of their voice AI, robust data, and technology stack made our decision to partner natural,” said Drew Mallozzi, chief investment officer and managing partner at Atlas Credit Partners, in a statement. “We believe our investment will help SoundHound AI to accelerate the pace at which they are redefining voice AI and enable them to further extend their global lead.”
Union Square Advisors LLC and Cantor Fitzgerald & Co acted as financial advisors to SoundHound AI in connection with this credit facility.
Based in Houston, Atlas Credit Partners backs middle-market growth companies.