Cerence

Cerence Inc.

Type| Public

Traded as

* NASDAQ: CRNC

Industry|

* Artificial intelligence
* Automotive

Predecessor| Nuance Communications (automotive division)
Founded| 2019; 7 years ago (2019)
Headquarters| Burlington, Massachusetts, U.S.

Key people

* Brian Krzanich (CEO)
* Arun Sarin (chairman)

Products| Automotive AI, Voice assistant technology
Revenue|  US$332 million (2024)[1]

Operating income

|  −US$580 million (2024)[2]

Net income

|  −US$588 million (2024)[3]
Total assets|  US$702 million (2024)[4]
Total equity|  US$141 million (2024)[5]

Number of employees

| c. 1,400[6] (2024)
Website| cerence.com
Footnotes / references
[7][8]

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

## Contents

* 1 History
* 2 Products
* 3 References
* 4 External links

## 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". https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm.
2. ↑ "Error: no `|title=` specified when using {{Cite web}}". https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm.Error:+no+`|title=`+specified when+using+{{[[Template:Cite+web|Cite+web]]}}&rft.atitle=&rft_id=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm&rfr_id=info:sid/en.wikibooks.org:Company:Cerence">
3. ↑ "Error: no `|title=` specified when using {{Cite web}}". https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm.Error:+no+`|title=`+specified when+using+{{[[Template:Cite+web|Cite+web]]}}&rft.atitle=&rft_id=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm&rfr_id=info:sid/en.wikibooks.org:Company:Cerence">
4. ↑ "Error: no `|title=` specified when using {{Cite web}}". https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm.Error:+no+`|title=`+specified when+using+{{[[Template:Cite+web|Cite+web]]}}&rft.atitle=&rft_id=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm&rfr_id=info:sid/en.wikibooks.org:Company:Cerence">
5. ↑ "Error: no `|title=` specified when using {{Cite web}}". https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm.Error:+no+`|title=`+specified when+using+{{[[Template:Cite+web|Cite+web]]}}&rft.atitle=&rft_id=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm&rfr_id=info:sid/en.wikibooks.org:Company:Cerence">
6. ↑ "Error: no `|title=` specified when using {{Cite web}}". https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm.Error:+no+`|title=`+specified when+using+{{[[Template:Cite+web|Cite+web]]}}&rft.atitle=&rft_id=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001768267/000095017024130642/crnc-20240930.htm&rfr_id=info:sid/en.wikibooks.org:Company:Cerence">
7. ↑ "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.
8. ↑ 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.
9. ↑ 9.0 9.1 9.2 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/.
10. ↑ 10.0 10.1 10.2 10.3 10.4 10.5 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/.
11. ↑ 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.
12. ↑ 12.0 12.1 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/.
13. ↑ 13.0 13.1 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.
14. ↑ "Biometrics to replace car keys for Genesis vehicle, Cerence voice control deployed by VinFast | Biometric Update". 30 September 2021. https://www.biometricupdate.com/202109/biometrics-to-replace-car-keys-for-genesis-vehicle-cerence-voice-control-deployed-by-vinfast.
15. ↑ 15.0 15.1 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/.
16. ↑ 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.
17. ↑ 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/.
18. ↑ 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.
19. ↑ 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/.
20. ↑ 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.:

* Google Finance
* Yahoo! Finance
* Reuters
* SEC filings

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