Santa Clara, California-based SoundHound, a technology company specializing in speech recognition, natural language understanding, sound recognition, and search technologies, has announced a massive restructuring with a major reduction in force.
Approximately 200 employees were impacted.
The company appears to be facing financial difficulties unless it can raise additional funding.
According to co-founder and CEO Keyvan Mohajer...
“When we set course in early 2021 to become publicly listed, high-tech companies like SoundHound were the darlings of the investor community. Companies that could achieve high growth, despite high costs, were seen as engines of a future economy. However, as a result of changing economic conditions, including high-interest rates, rising inflation, and fears of recession, companies with our profile became much less desirable.”
“As I reflect on the feedback I received from the investor community during countless meetings over the last several months, a recurring theme was that they loved our technology, vision, perseverance, talented team, and business strategy.”
“But they were concerned that SoundHound does not have the heart to let go of its people.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?