Auddia announces restructuring of engineering team

Auddia (AUUD) announced a restructuring of its engineering team aimed at significantly reducing costs while positioning the company for its AI native holding company structure upon closing of the previously announced business combination. Pablo Calderon, Auddia’s head of engineering and lead AI model developer, will join the AI team being built at the holding company level to service the AI engineering needs of its proposed subsidiaries, to include Auddia. As part of the restructuring, Peter Shoebridge, Auddia CTO, will be leaving the company at the end of August. The company recently announced that in conjunction with the planned AI native holding company restructuring under review, the business model of Auddia is changing from a consumer subscription model to a B2B SaaS model focused on giving artists and labels a new way to leverage AM/FM radio streams to connect with mainstream radio listeners. With the engineering transition now completed, the internal AI team will focus on training and productizing the AI Placement Engine while the dedicated outsourced engineering team will lead development of the Discovr Radio Portal. The Company believes this will be a more capital efficient and faster product development process than was possible under the previous engineering structure, with launch of the Discovr Radio platform coinciding with the AI native holding company restructuring.