Company:Cerence
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| Type | Public |
|---|---|
| Industry |
|
| Predecessor | Nuance Communications (automotive division) |
| Founded | 2019 |
| Headquarters | Burlington, Massachusetts, U.S. |
Key people |
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| Products | Automotive AI, Voice assistant technology |
| Revenue |  US$328 million (2022) |
| −US$184 million (2022) | |
| −US$311 million (2022) | |
| Total assets | US$1.32 billion (2022) |
| Total equity | US$713 million (2022) |
Number of employees | c. 1,700 (2022) |
| Website | cerence |
| Footnotes / references [1][2] | |
Cerence Inc. is an American multinational software company that develops artificial intelligence (AI) assistant technology primarily for automobiles.
History
Cerence was founded in October of 2019, after Nuance Communications decided to turn its automotive division into an independent company.[3][4] 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.[3] 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.[3][4] Since becoming its own entity, Cerence signed new deals to install voice recognition and assistance technology in Fiat Chrysler and Mercedes-Benz vehicles.[5][6] In January of 2020, LG announced that it would start integrating Cerence’s voice assistant into its in-car infotainment systems.[7]
As of August 2021, Cerence’s AI assistant technology had been installed on over 400 million cars worldwide.[8]
Cerence received an Automotive News PACE Award in September 2021 for Cerence Pay,[9] a technology that allows drivers to pay for fuel via voice commands.[10]
Products
Cerence develops automotive AI products, primarily focusing on voice assistant technology.[11][8] Its voice assistant technology is not device-specific, and is white-labeled for auto manufacturers.[4] 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.[6][7] Cerence's technology also incorporates facial recognition and customized responses to individual drivers.[4] As of 2021, Cerence's speech recognition software recognizes 70 different languages and dialects.[4] 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.[4]
The company is also developing technology that provides drivers with the ability to control some in-car systems with brief glances or gestures.[12][13]
References
- ↑ "Cerence Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. November 29, 2022. https://www.sec.gov/ix?doc=/Archives/edgar/data/1768267/000095017022025785/crnc-20220930.htm.
- ↑ Maffei, Lucia (December 15, 2021). "Cerence CEO is the latest public tech company chief to resign". Boston Business Journal. https://www.bizjournals.com/boston/news/2021/12/15/cerence-ceo-resigns.html.
- ↑ 3.0 3.1 3.2 Kinsella, Brett (October 2, 2019). "A Voice Giant is Born. Cerence Now Houses All of Nuance’s Automotive Solutions and Customers.". Voicebot. https://voicebot.ai/2019/10/02/a-voice-giant-is-born-cerence-now-houses-all-of-nuances-automotive-solutions-and-customers/.
- ↑ 4.0 4.1 4.2 4.3 4.4 4.5 Tansey, Bernadette (October 2, 2019). "Nuance Spinout Cerence Vies With Tech Giants in Voice-AI for Auto". Xconomy. https://xconomy.com/san-francisco/2019/10/02/nuance-spinout-cerence-vies-with-tech-giants-in-voice-ai-for-auto/.
- ↑ Nash, Jim (March 24, 2020). "Busy biometric startup Cerence books three big car deals, launches services in March". Biometric Update. https://www.biometricupdate.com/202003/busy-biometric-startup-cerence-books-three-big-car-deals-launches-services-in-march.
- ↑ 6.0 6.1 Schwartz, Eric Hal (December 18, 2020). "Mercedes-Benz Will Keep Using Cerence to Run Revamped MBUX Virtual Assistant". Voicebot. https://voicebot.ai/2020/12/18/mercedes-benz-will-keep-using-cerence-to-run-revamped-mbux-virtual-assistant/.
- ↑ 7.0 7.1 Torbet, Georgina (January 14, 2020). "LG is building its own in-car voice assistant". Engadget. https://www.engadget.com/2020-01-14-lg-cerence-in-car-voice-assistant.html.
- ↑ 8.0 8.1 Seitz, Patrick (August 9, 2021). "Automotive Artificial Intelligence Provider Drives Past Quarterly Targets". Investor’s Business Daily. https://www.investors.com/news/technology/crnc-stock-cerence-beats-fiscal-q3-targets/.
- ↑ Chappell, Lindsay (September 30, 2021). "Here are the 14 Automotive News PACE Award winners for 2021". Automotive News. https://www.autonews.com/suppliers/2021-automotive-news-pace-award-winners.
- ↑ Schwartz, Eric (July 7, 2021). "Cerence Brings Gas Station Payment Voice Commands to Europe". Voicebot. https://voicebot.ai/2021/07/07/cerence-brings-gas-station-payment-voice-commands-to-europe/.
- ↑ Maffei, Lucia (August 4, 2020). "Burlington automotive software firm Cerence thrives even as car sales fall". Boston Business Journal. https://www.bizjournals.com/boston/news/2020/08/04/shares-of-car-software-maker-soar.html.
- ↑ Barnden, Colin (September 25, 2020). "Time to Open Eyes to Eye Tracking". EE Times. https://www.eetimes.com/time-to-open-eyes-to-eye-tracking/.
- ↑ Walford, Lynn (October 19, 2019). "More Research in Voice & Emotion Interaction from Cerence (Nuance)". Auto Connected Car News. https://www.autoconnectedcar.com/2019/10/more-research-in-voice-emotion-interaction-from-cerence-nuance/.
External links
- Official website
- Business data for Cerence Inc.:
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