Auddia Inc. (NASDAQ:AUUD) shares traded higher early Tuesday before paring gains after the company announced the launch of a product expansion with cloud-based artificial intelligence (AI) and natural language processing (NLP).
The Details:
Auddia said the new initiative leverages AI and NLP to process audio, primarily to identify the type of content being played. Once content is identified by type, such as music, advertising or talk, Auddia can deliver a highly differentiated listening experience for consumers by including or excluding specific types of content and mixing preferred content into the user's listening experience.
"With our core AI patent issued and other patents pending, we believe now is the time to extend our proprietary capabilities to the cloud where new audio content distribution opportunities are expected to be available," said Michael Lawless, CEO of Auddia.
"Today, we deploy our technologies to the smartphones of individual consumers which creates an enormous, high-value network of processors and results in the delivery of a completely differentiated audio experience for every person who uses our flagship mobile app, faidr," Lawless said.
Auddia announced on Monday that it closed a private placement of $2.3 million of convertible preferred stock and common stock warrants. The company will use the proceeds from the private placement. together with other available cash resources, to repay $2.75 million of existing debt.
Related News: What's Going On With Rivian Automotive Stock?
How To Buy AUUD Stock:
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Auddia's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
AUUD Price Action: According to Benzinga Pro, Auddia shares are down 2.42% at $1.61 at the time of publication Tuesday.
Image: Pete Linforth from Pixabay