Cerence develops AI-based voice assistant technology for vehicle and mobility OEMs. The company was spun off from Nuance Communications, a multinational computer software technology corporation, and debuted as an independent public company (listed on Nasdaq) in October 2019.
Its core technologies include “Cerence Assistant,” which allows drivers and passengers to access apps, content, and services directly from the head unit through voice-based interactions (introduced in December 2021) and other technologies including natural voice input, human-like voice output, and multi-modal biometrics. Cerence’s technology has multilingual capabilities and supports a portfolio of languages. As of February 2024, Cerence held over 800 patents for its technologies.
Cerence generated revenue of USD 294.5 million and an adjusted EBITDA of 41.5 million during the year ended September 2023.
Key customers and partnerships
The company claimed to have supplied its technology to 80+ OEMs and Tier-1s to be used for over 475 million vehicles as of February 2024. Cerence’s key customers include Ford, Subaru, Land Rover, Suzuki, Mahindra, TATA, Hyundai, Mercedes-Benz, Maruti Suzuki, NIO, SsangYong, General Motors, Volkswagen, SAI, Zeekr, BMW, and Smart.
The company also has product partnerships with parties such as LG Electronics to co-develop an in-vehicle infotainment system (January 2020), Pioneer to develop conversational AI infotainment solutions (June 2021), and Microsoft to integrate its Azure AI Services into companies portfolio (January 2024).
Key competitors: None comparable (Cerence is the only startup in the Auto Tech space that develops voice assistant features for vehicles.)
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