In recent weeks, Cyngn —
- Executed its first paid DriveMod Forklift Deployment.
- Started deploying its next-gen 12,000 lb. DriveMod Tugger at
customer facilities.
- Signed a commercial contract with a major automotive service
equipment manufacturer.
- Expanded its dealer network, adding multiple sales channels
that offer Motrec vehicles as well as other 3rd party system
integrators.
- Secured its 20th and 21st US Patent.
- Announced DriveMod Tuggers capability to run missions
outside.
MENLO
PARK, Calif., Oct. 22,
2024 /PRNewswire/ -- Today, Cyngn Inc. (Nasdaq: CYN)
shared several company milestones and key achievements, including
significant commercial progress, the expansion of its dealer
network, and recent patents. Together, these achievements are
positioning the Company for growth.
CEO Commentary
"Cyngn has made significant progress this year, aligning with
the growing demand for autonomous utility vehicles in the
industrial sector. These solutions are designed to help enterprises
address labor shortages, manage costs, and improve safety," said
Lior Tal, CEO of Cyngn.
"Our primary focus is on intralogistics within manufacturing.
Recently, we launched our first paid DriveMod Forklift deployment,
began deploying the 12,000 lb. DriveMod Tugger at customer sites,
and signed a commercial contract with a major automotive service
equipment manufacturer. Additionally, we continue expanding our
dealer network, and secured our 20th and 21st U.S. patents.
"The smart manufacturing market is predicted to grow from
$223.6 billion to an impressive
$985.5 billion by 2032. As AI
continues to shape industrial operations, we are building momentum
with DriveMod and are focused on addressing key challenges in the
sector through our autonomous solutions."
Key Milestones and Achievements:
Notable Deployments and Customer Contracts.
Cyngn
recently secured a commercial contract with a major automotive
service equipment manufacturer. The company also executed its first
paid deployment of the DriveMod Forklift, demonstrating real-world
adoption of its technology. Additionally, Cyngn started deploying
its next-gen 12,000 lb. DriveMod Tugger at customer sites, further
expanding its footprint in industrial automation.
New Product Launches and Features.
The DriveMod
Forklift and the next-generation 12,000 lb. DriveMod Tugger
represent the latest additions to Cyngn's product lineup with the
latter now able to complete outdoor missions. To streamline the
production of DriveMod Tugger, Cyngn's OEM vehicle partner, Motrec,
started building the DriveMod Tugger.
Technological Innovation.
Cyngn's commitment to
technological advancement is evident in its recent securing of the
20th and 21st U.S. patents. These patents underscore the company's
focus on enhancing its autonomous capabilities and solidify its
standing as an innovator in the smart manufacturing sector. They
also announced advancements in their Proprietary computer vision,
thanks to NVIDIA Accelerated Computing.
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).
Find Cyngn on:
- Website: cyngn.com
- Twitter: twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor Contact:
Don Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar
expressions or variations of such words are intended to identify
forward-looking statements. Forward-looking statements are not
historical facts, and are based upon management's current
expectations, beliefs and projections, many of which, by their
nature, are inherently uncertain. Such expectations, beliefs and
projections are expressed in good faith. However, there can be no
assurance that management's expectations, beliefs and projections
will be achieved, and actual results may differ materially from
what is expressed in or indicated by the forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed 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
(the "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. References and links to websites have been provided
as a convenience, and the information contained on such websites is
not incorporated by reference into this press release. Cyngn is not
responsible for the contents of third-party websites.
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SOURCE Cyngn