Cyngn enters the year with strong momentum, leveraging its
latest financing to scale production and deployment of DriveMod
Tuggers and advance commercial release of DriveMod Forklifts.
MENLO
PARK, Calif., Jan. 14,
2025 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today
announced that it has secured $33
million in funding. This funding positions the company to
accelerate its growth and deliver on its mission to proliferate
industrial autonomous vehicles.
"This capital infusion strengthens our ability to fund
operations, drive commercialization, and continue investing in
groundbreaking autonomous vehicle technologies," said Lior Tal, Chairman and CEO of Cyngn. "With
increasing demand for automation solutions, especially in the
automotive, heavy machinery and logistics industries, this funding
allows us to build on recent momentum, including our upcoming
autonomous forklift launch and other strategic advancements."
2024 Operational Highlights and Roadmap
Cyngn enters the year with strong momentum, leveraging its
latest financing to scale production and deployment of autonomous
industrial vehicles.
Key milestones include:
- Advancing Autonomous Forklift Development – In October,
Cyngn announced its first paid autonomous forklift deployment. The
company plans to expand the availability of its Autonomous DriveMod
Forklift.
- Expanding Customer Deployments – In recent weeks, the
company announced deployments at major organizations across
multiple industries, including defense and automotive
manufacturing.
- Growing Partnerships – The company continues to
strengthen collaborations with OEMs and industry leaders to drive
innovation and deliver scalable automation solutions.
The Growing Autonomous Industrial Vehicle Market
Automation is transforming industrial operations, with
autonomous vehicles playing a critical role in enhancing
productivity and safety. According to industry estimates, the smart
manufacturing market is predicted to grow from $223.6 billion to an impressive $985.5 billion by 2032, driven by increasing
demand for efficiency and workforce augmentation.
Companies across logistics, warehousing, and manufacturing are
accelerating automation initiatives to address labor shortages and
rising operational costs. 41% of warehouse managers have reported
an inability to attract and retain workers and 76% of today's
supply chain operations are being impacted by labor shortages.
Cyngn's solutions, powered by AI and advanced autonomy, provide a
seamless path for businesses to integrate self-driving vehicles
into their workflows and address these ongoing challenges.
Fueling the Future of Industrial Autonomy
With this funding, Cyngn remains focused on scaling its
autonomous vehicle deployments, accelerating product innovation,
and expanding its market reach. As the company begins accepting
orders for its autonomous DriveMod Forklift, it is well-positioned
to shape the future of industrial automation.
About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous
vehicle technology for industrial organizations. Cyngn's
self-driving solutions allow existing workforces to increase
productivity and efficiency. The Company addresses significant
challenges facing industrial organizations today, such as labor
shortages, costly safety incidents, and increased consumer demand
for eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial vehicles
at end of line or via retrofit, empowering customers to seamlessly
adopt self-driving technology into their operations without high
upfront costs or the need to completely replace existing vehicle
investments.
Cyngn's flagship product, its Enterprise Autonomy Suite,
includes DriveMod (autonomous vehicle system), Cyngn Insight
(customer-facing suite of AV fleet management, teleoperation, and
analytics tools), and Cyngn Evolve (internal toolkit that enables
Cyngn to leverage data from the field for artificial intelligence,
simulation, and modeling). For all terms referenced within, please
refer to the Company's annual report on Form 10-K with the SEC
filed on March 7, 2024.
Where to find Cyngn:
- Website: https://cyngn.com
- X: https://x.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Any
statement that is not historical in nature is a forward-looking
statement and may be identified by the use of words and phrases
such as "expects," "anticipates," "believes," "will," "will likely
result," "will continue," "plans to," "potential," "promising," and
similar expressions. These statements are based on management's
current expectations and beliefs and are subject to a number of
risks, uncertainties and assumptions that could cause actual
results to differ materially from those described in the
forward-looking statements, including the risk factors described
from time to time in the Company's reports to the Securities and
Exchange Commission (SEC), including, without limitation the risk
factors discussed in the Company's annual report on Form 10-K filed
with the SEC on March 7, 2024.
Readers are cautioned that it is not possible to predict or
identify all the risks, uncertainties and other factors that may
affect future results. No forward-looking statement can be
guaranteed, and actual results may differ materially from those
projected. Cyngn undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
Investor Contact:
Donald Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
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SOURCE Cyngn