Swedish-Rooted Amelia AI Thrives as SoundHound Leads Global Voice Tech Surge
Swedish-developed Amelia AI technology thrives under new ownership as SoundHound drives rapid growth in global AI voice platforms, highlighting Sweden's continuing impact in the expanding tech sector.
- • SoundHound's AI voice platform reports significant revenue growth and expansion in U.S. retail and call center markets.
- • Amelia AI technology was developed in Sweden but faced bankruptcy before thriving again under new ownership.
- • IPsoft, Amelia AI's parent company, saw its value increase by over 250% to 78 billion SEK.
- • Swedish competitor Teneo.ai lags behind in market value and growth compared to SoundHound.
- • Sweden’s tech sector, especially AI and health tech, is projected to grow strongly by 2026, with Stockholm as a key hub.
Key details
SoundHound, an American AI voice technology company, is experiencing remarkable growth, propelled by its success in retail, groceries, and drive-thru phone ordering for chains like Jersey Mike’s Subs and Chipotle. The company reports an 85% revenue increase from 2023 to 2024 and projects an additional 104.5% rise this year, despite ongoing losses. Their AI, branded as the Amelia Conversational AI Platform, leverages proprietary tech to understand synonyms, slang, and diverse speech patterns, enhancing customer service in fast-paced environments. Recently, SoundHound bolstered its call center capabilities by acquiring Interactions LLC and collaborates with nearly all leading AI and SaaS firms. Notably, the Amelia AI technology was originally developed in Sweden; the Swedish division previously faced bankruptcy but is now flourishing under new ownership. IPsoft, Amelia AI’s parent company, was acquired for about 850 million SEK and boasts a market value soaring by 253.62% to 78 billion SEK. In contrast, Swedish competitor Teneo.ai holds a modest market value of 0.27 billion SEK with limited growth. Meanwhile, the Swedish tech sector broadly is set for strong expansion by 2026, fueled by AI and cloud investments. Stockholm remains a vibrant tech hub with innovative approaches across sectors, including health technology, which integrates AI for improved diagnostics and care. This renewal reflects Sweden’s ongoing pivotal role in advancing AI-driven technology.