Cerence

Cerence Inc.
TypePublic
Industry
PredecessorNuance Communications (automotive division)
Founded2019; 7 years ago (2019)
HeadquartersBurlington, Massachusetts, U.S.
Key people
ProductsAutomotive AI, Voice assistant technology
RevenueIncrease US$332 million (2024)[1]
Negative increase −US$580 million (2024)[2]
Negative increase −US$588 million (2024)[3]
Total assetsDecrease US$702 million (2024)[4]
Total equityDecrease US$141 million (2024)[5]
Number of employees
c. 1,400[6] (2024)
Websitecerence.com
Footnotes
[7][8]

Cerence Inc. is an American multinational software company that develops artificial intelligence (AI) assistant technology primarily for automobiles.

History

Cerence was founded in October 2019, after Nuance Communications decided to turn its automotive division into an independent company.[9][10] Nuance had provided voice recognition technology to car manufacturers for twenty years prior to the spin-off, and its technology was built into half of the new cars shipped globally in the first six months of 2019.[9] Cerence's first official trading day on the Nasdaq exchange was October 2, 2019. The company assumed control of previously Nuance-held contracts with approximately 60 automakers including BMW, Ford, and Toyota.[9][10] Since becoming its own entity, Cerence signed new deals to install voice recognition and assistance technology in Fiat Chrysler and Mercedes-Benz vehicles.[11][12] In January 2020, LG announced that it would start integrating Cerence's voice assistant into its in-car infotainment systems.[13] On 30 September 2021, VinFast reported that Cerence software will be used for its electric vehicles as an intelligence voice assistant.[14]

As of August 2021, Cerence's AI assistant technology had been installed on over 400 million cars worldwide.[15]

Cerence received an Automotive News PACE Award in September 2021 for Cerence Pay,[16] a technology that allows drivers to pay for fuel via voice commands.[17]

Products

Cerence develops automotive AI products, primarily focusing on voice assistant technology.[18][15] Its voice assistant technology is not device-specific, and is white-labeled for auto manufacturers.[10] The company's products integrate into a car's operating system and allow drivers to use speech for a variety of actions, for example to control their GPS, entertainment system, and climate settings rather than using manual controls.[12][13] Cerence's technology also incorporates facial recognition and customized responses to individual drivers.[10] As of 2021, Cerence's speech recognition software recognizes 70 different languages and dialects.[10] The technology can work with other voice assistant and AI devices such as those developed by Apple Inc. and Google. Drivers using the voice technology in their car can make a request and the Cerence software would help route it appropriately to the right system or virtual assistant that can best respond, essentially acting as a "switchboard" to access information from other AI and voice assistants.[10]

The company is also developing technology that provides drivers with the ability to control some in-car systems with brief glances or gestures.[19][20]

References

  1. ^ "ANNUAL REPORT SEC".
  2. ^ https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm. {{cite web}}: Missing or empty |title= (help)
  3. ^ https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm. {{cite web}}: Missing or empty |title= (help)
  4. ^ https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm. {{cite web}}: Missing or empty |title= (help)
  5. ^ https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm. {{cite web}}: Missing or empty |title= (help)
  6. ^ https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm. {{cite web}}: Missing or empty |title= (help)
  7. ^ "Cerence Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. November 29, 2022.
  8. ^ Maffei, Lucia (December 15, 2021). "Cerence CEO is the latest public tech company chief to resign". Boston Business Journal. Retrieved December 17, 2021.
  9. ^ a b c Kinsella, Brett (October 2, 2019). "A Voice Giant is Born. Cerence Now Houses All of Nuance's Automotive Solutions and Customers". Voicebot. Retrieved October 15, 2021.
  10. ^ a b c d e f Tansey, Bernadette (October 2, 2019). "Nuance Spinout Cerence Vies With Tech Giants in Voice-AI for Auto". Xconomy. Archived from the original on May 21, 2022. Retrieved October 15, 2021.
  11. ^ Nash, Jim (March 24, 2020). "Busy biometric startup Cerence books three big car deals, launches services in March". Biometric Update. Retrieved October 15, 2021.
  12. ^ a b Schwartz, Eric Hal (December 18, 2020). "Mercedes-Benz Will Keep Using Cerence to Run Revamped MBUX Virtual Assistant". Voicebot. Retrieved October 15, 2021.
  13. ^ a b Torbet, Georgina (January 14, 2020). "LG is building its own in-car voice assistant". Engadget. Retrieved October 15, 2021.
  14. ^ "Biometrics to replace car keys for Genesis vehicle, Cerence voice control deployed by VinFast | Biometric Update". 30 September 2021.
  15. ^ a b Seitz, Patrick (August 9, 2021). "Automotive Artificial Intelligence Provider Drives Past Quarterly Targets". Investor’s Business Daily. Retrieved October 15, 2021.
  16. ^ Chappell, Lindsay (September 30, 2021). "Here are the 14 Automotive News PACE Award winners for 2021". Automotive News. Retrieved October 15, 2021.
  17. ^ Schwartz, Eric (July 7, 2021). "Cerence Brings Gas Station Payment Voice Commands to Europe". Voicebot. Retrieved October 15, 2021.
  18. ^ Maffei, Lucia (August 4, 2020). "Burlington automotive software firm Cerence thrives even as car sales fall". Boston Business Journal. Retrieved October 15, 2021.
  19. ^ Barnden, Colin (September 25, 2020). "Time to Open Eyes to Eye Tracking". EE Times. Retrieved October 15, 2021.
  20. ^ Walford, Lynn (October 19, 2019). "More Research in Voice & Emotion Interaction from Cerence (Nuance)". Auto Connected Car News. Retrieved October 15, 2021.
  • Official website
  • Business data for Cerence Inc.:

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