Watch out, Apple: A Siri competitor emerges

Apple, Google and Amazon are facing a small but potentially strong challenger in voice recognition. What's more, those companies may have actually paved the way for a company with what its founder calls "superior" technology.

"One of our main challenges was people adopting these new technologies, so when companies like Apple and Google launched products like Siri and Google Now and Microsoft launched Cortana, then Amazon launched the Amazon Echo, obviously those were competitors to what we are doing," said Keyvan Mohajer, founder and CEO of SoundHound

But the positive aspect of this was that it forced users get comfortable with talking to their devices, Mohajer said.

Soundhound launched its Hound app on Tuesday, after about 10 years in the works

Mohajer said the system is fast, accurate and able to parse even complicated conversation and requests. For example, it can make sense of a request to find an Asian restaurant nearby, that's not Chinese or Japanese, has more than a four-star rating on Yelp, is open after 9 p.m. on Mondays and is kid friendly, Mohajer said.

A user can also ask, "What's the stock price of Apple, Google and Facebook," then follow up with "What are their market caps and P/E ratios?" Hound has also been integrated into Uber and Yelp apps to help those companies' users order cars and search for nearby businesses, according to Soundhound.

Google and Microsoft declined to comment and Apple and Amazon did not respond to requests for comment.