Auddia restructures engineering team to cut costs by $750,000 annually

Auddia Inc. (NASDAQ: AUUD) announced a restructuring of its engineering team that is projected to reduce engineering costs by $750,000 annually, according to a company statement.

The restructuring involves retaining key AI talent while outsourcing less specialized engineering requirements. Pablo Calderon, the company's head of engineering and lead AI model developer, will join the AI team at the holding company level upon closing of a previously announced business combination.

Peter Shoebridge, Auddia's chief technology officer, will leave the company at the end of August as part of the restructuring.

"By retaining key AI talent while outsourcing less specialized engineering requirements, we believe the Company is better positioned to deliver on our AI mission while gaining the ability to build out multiple product development projects in parallel," said John Mahoney, Auddia CFO.

The Boulder, Colorado-based company said the restructuring aligns with its transition to an AI-native holding company structure. Auddia recently changed its business model from a consumer subscription model to a business-to-business software-as-a-service model.

Under the new structure, the internal AI team will focus on training and developing the AI Placement Engine, while a dedicated outsourced engineering team will lead development of the Discovr Radio Portal. The company expects this approach to enable faster product development.

Auddia operates through a proprietary AI platform for audio identification and classification, targeting engagement with AM/FM radio, podcasts, and other audio content through its faidr audio application.

You May Also Be Interested In

• Barclays Downgrades Travelers (TRV) to Underweight
• Rocket Lab to join Nasdaq-100 index effective June 22
• Build-A-Bear names Chris Hurt as new CEO in leadership transition